Monday, June 27, 2011

Shilling still weak

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By Patrick Kagenda

The Local unit continued to depreciate against the dollar touching a new record low on Friday of Shs 2,505 amid heavy interbank demand. The depreciation came at the back of Central Bank announcing mid week that it was changing its monetary policy to tighten monetary consistence and strengthen the country’s macroeconomic stability. The new policy of inflation targeting comes into effect July 1 2011. Under the new policy Bank of Uganda (BoU) will be announcing the rate

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