Tanzania, Uganda currencies ranked top as Kenya shilling, Rwanda franc lose value
Tanzania and Uganda currencies are the best performing media of exchange in East Africa against the dollar, whereas Kenyan and Rwandan currencies continue to lose value against the greenback. PHOTO | COURTESY
According to Bloomberg Refinitiv data, the Uganda shilling continues to hold steady against the dollar followed by the Tanzanian currency at 2.45 percent and 0.76 percent, respectively.
The Kenya shilling and Rwanda franc were ranked 11th and 12th among top African currencies depreciating at -2.93 percent and -3.48 percent respectively.
The Uganda shilling is projected to remain strong to the end of 2021, buoyed by dollar inflows from coffee exports and foreign investors chasing yields.
