Sunday, July 3, 2011

Budget at risk

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By Tom Magumb a& Patrick Kagenda

Traders up in arms as shilling slumps
As the Shilling continued its depreciation to its lowest level of Shs 2,750 against the dollar late
last week following market spreads widening amidst heavy volatility on the interbank market, the Central Bank came in with an emergency response to cool the market.

The Central bank intervened on the sell side, selling dollars in the foreign exchange market. The Bank also tightened liquidity in the domestic money

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