{{The year 2012 was not any good for Rwanda’s currency. It experienced a volatile performance due to donor suspension.}}
The executive director of research at the Bank of Uganda, Dr Adam Mugume has noted that the Rwanda Franc has so far depreciated by 4.6% between December 2011 and December 2012; from 603.4 per dollar to 630.9 per dollar, reflecting the impact of aid suspension.
Dr. Mugume however, noted that Regional currencies performed relatively well against major trading partners in 2012 than they did in 2011, data shows.
He said the Uganda shilling was stronger in 2012 compared to 2011 where it experienced more swings, “the gain in the Ugandan shilling value signifies that the country’s foreign exchange market was not very volatile as it was in 2011, which among other things affected the overall economic performance.”
Dr Mugume was quoted by Ugandan media saying that Ugandan shilling had depreciated by 10.7% on annual basis compared to 2011 which it depreciated against the US dollar by 24.98%.
He said Uganda currency traded from an average of Ush2,446.9 per dollar in 2012 compared to Ush2,673.6 per dollar in 2011.
Peer currency of East African states also marked considerable gains against the dollar during 2012.
Dr Mugume explained that the Kenya shilling has largely gained its level as of December 2011, the currency was 86.9 per dollar and the average for December 2012 was 86.01 per US dollar.
On the other hand, he said the Tanzania shilling has appreciated in the same period, from Tsh1,641.8 per dollar in 2011 to Sh1,596.7 per dollar in 2012.
Leave a Reply