Reserves could finance five months of imports
Uganda’s gross foreign reserves slid to USD 3.4bn at end-October, down by USD 160mn on the month, CEEMarketWatch reported citing official central bank data. They will be sufficient to finance five months of imports. Even as this is slight deterioration from previous month the indicator is above the 4.5-month recommendation of the East African Community (EAC), CEEMarketWatch added.
Reserves still remain by USD 362mn higher than at end-2016. The increase came on lower trade deficit, increased donor inflows and worker remittances. The local currency, the Ugandan shilling, lost 1% on average in October.
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