Bank of Uganda Governor Michael Atingi-Ego has assured the financial sector that the central bank has the capacity to stabilise the Uganda Shilling following its recent depreciation.
Speaking at the 2026 Bankers Conference organised by the Uganda Bankers’ Association, Atingi-Ego attributed the recent movement in the currency to developments in global oil prices, noting that Uganda operates a market-determined exchange rate system.
The Governor said the Shilling was currently trading at about 3,930 to the US dollar, but noted that Uganda had weathered similar episodes of currency depreciation in the past.
He cited the period between July and August 2022, when rising interest rates in advanced economies triggered capital flight and the Shilling weakened from about 3,650 to nearly 3,900 against the dollar.
Atingi-Ego also recalled pressure on the currency in 2023 following the World Bank’s announcement that it would not disburse new financing to Uganda, as well as developments in February 2024 when a neighbouring country issued bonds.
He said the Shilling stabilised after each of these episodes, assuring financial sector players that the current situation can also be managed.
“Bank of Uganda has what it takes to stabilise this exchange rate. So, be still. All will be fine,” Atingi-Ego told participants at the conference.
