Business 12 April 2026 Daily Monitor (Uganda)
Uganda Shilling Stabilizes in Narrow Range Amid Fragile Ceasefire and Declining Yields
The Ugandan shilling traded between 3,690 and 3,698 per USD as of April 11, 2026, after recent gains faded due to cautious global risk sentiment and falling Treasury bill yields. Experts highlight vulnerabilities from oil price swings and a shaky US-Iran ceasefire. Source: https://www.monitor.co.ug/uganda/news/national/fragile-ceasefire-falling-yields-leave-uganda-s-shilling-range-bound-5421532
The Ugandan shilling experienced volatility recently, with early weekly gains reversing amid shifting global risk appetite and fluctuating oil prices.
On April 11, 2026, it hovered around 3,690-3,698 against the US dollar, following its strongest appreciation in almost a month a week prior. That uptick stemmed from offshore investor inflows seeking higher-risk assets, but momentum quickly dissipated.
Stephen Kaboyo, CEO of Alpha Capital, noted a cautious market mood due to doubts over a fragile US-Iran ceasefire. Uganda’s reliance on energy imports heightens its exposure to oil volatility, risking higher inflation and slower growth, he warned.
The Bank of Uganda holds its policy rate at 9.75 percent for stability, yet one-year Treasury bill yields dropped to about 12.25 percent in March, deterring foreign investors.
This led to a 0.50 percent daily drop against the dollar on April 10, underscoring ongoing uncertainty. Traders remain vigilant on geopolitical shifts that could sway the currency.