Ugandan shilling strengthens after central bank rate hike

April 8, 2015 12:27 PM

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KAMPALA, April 8 (Reuters) - Uganda's shilling firmed on Wednesday after the central bank hiked its benchmark lending rate by 100 basis points, spurring players to convert some of their dollar holdings for a higher yielding local currency.

At 1132 GMT commercial banks quoted the shilling at 2,972/2,982, stronger than Tuesday's close of 2,985/2,995. "We're seeing players doing conversions as they move into the local currency which is now higher-yielding," said Isaac Iga, chief dealer at Orient Bank. "BoU (Bank of Uganda)'s declaration ...

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