BoU turns to dollar sales as political warnings meet market pressure

What the report says

The Bank of Uganda sold foreign currency on Thursday, turning to an instrument President Yoweri Museveni had publicly urged it to avoid and the secretary to the Treasury had warned against less than a day earlier, as the shilling continued to weaken. In a notice to commercial banks, the central bank said it was in the foreign-exchange market on the sell side. It did not disclose the amount or say whether the operatio