Uganda devalues its currency

The exchange rate of the Ugandan shilling was fixed at 78 to the dollar Monday -- one-tenth of the official value at the suspension of trading last week -- the Bank of Uganda announced. Foreign-exchange transactions were suspended last week after a budget speech in which President Milton Obote, who is also finance minister, said the shilling would be floated against other currencies and its value decided by supply and demand.

You've read  of  free articles. Subscribe to continue.
QR Code to Uganda devalues its currency
Read this article in
QR Code to Subscription page
Start your subscription today