Uganda Shilling depreciates 3.2% against dollar in July

[Da Dona]

The Uganda shilling depreciated by 3.2 percent against the US dollar year-on-year in July 2026, while weakening by 1.3 percent on a quarter-on-quarter basis, averaging Shs3,709.51 per US dollar, according to the Bank of Uganda (BoU).

The central bank attributed the depreciation mainly to bearish market sentiment following renewed hostilities in the US-Iran conflict. This was compounded by increased demand for US dollars from oil, manufacturing and telecommunications companies compared with the same period last year.​