The currency was quite volatile during the week opening the session trading at the 3765/3775 levels and weakening to trade at lows of 3790/3800 before strengthening marginally to trade at the 3770/3780 levels.

Continued demand for dollars kept the unit on a back footing but healthy month-end inflows gave the currency some relief. Looking ahead as we head into the new month the currency is anticipated to trade within the 3720 – 3820 trading range and still expect some pockets of demand for dividends but also continued flows from NGOs, commodity exporters and other sectors.
Fairly liquid Money Markets during the week with overnight yields easing marginally to trade within the 9.00% -12.00% levels during the week. Bank of Uganda held a Treasury Bill auction on Wednesday and the 91-day, 182-day and 364-day tenors cleared at averages of 10.384%, 10.512% and 13.000% respectively. The next Monetary Policy Committee meeting is scheduled for 6th April 2023.

Catherine Kijjagulwe, Head of Trading at Absa Bank Uganda at last some two-way flow was seen in the Kenyan market during the week with some inflows from the tea sector and Central Bank, but continued demand from the energy and manufacturing sectors kept the unit weak. The unit traded within the 130.50 -140.50 levels. The Monetary Policy Committee raised the Central Bank rate by 75bps to 9.50% citing continued inflationary pressures.

“The dollar was volatile during Thursday’s session losing some ground as bond yields edged lower as the market awaits the US Inflation print and the Fed’s upcoming action with regard to Monetary Policy,” she said.

The Euro rode on the dollar’s weakness to touch highs of $1.0926 (Shs 4110) on Sunday, closing the day at $1.0906 (Shs 4103).
The Pound followed suit, touching highs of $1.2393 (Shs 4662) as concerns of a financial crisis subsided during the week.
She said Brent Crude traded at $78.69 (Shs 296,046) a barrel and West Texas Intermediate traded at $73.98 (Shs 278326) a barrel with a marginal rise in oil prices after a drop in US stockpiles to a 2-year low and a stop in oil exports from Iraq. The expectation is for China’s demand and sustained lower production from Russia in the long term to lead to a rise in oil prices.
Gold traded at $1974.33 (Shs 7.4 Million) an ounce.

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BRAC, one of the largest development organisations of the world, celebrated its 50-year anniversary titled “50 Years of Igniting Hope from Bangladesh to the World” at Munyonyo Commonwealth Resort on 30 March 2023.

The event was organized by BRAC Uganda and BRAC Uganda Bank Ltd organised where prominent guests and dignitaries attended from different government institutions, non-governmental organisations, microfinance institutions, social enterprises and other notable organisations.

First Lady and Minister for Education Janet Kataaha Museveni, F attended as the Guest of Honour and Dr Michael Atingi- Ego, Deputy Governor of Bank of Uganda, attended as the Special Guest. Shameran Abed, the Executive Director of BRAC International, as well as other BRAC leaders from Uganda and around the world, were also present at the celebrations.

In her welcome address, Spera Atuhairwe, the Country Director of BRAC Uganda expressed her gratitude to the communities, stakeholders and partners that work with BRAC to create sustainable pathways out of poverty. She also reaffirmed BRAC Uganda’s commitment to achieving impact in Uganda, saying “In Uganda, we are committed to growing and deepening our presence to deliver impactful solutions for the people and communities we serve.”

Speaking at the event, the First Lady paid special tribute to BRAC’s founder, the late Sir Fazle Hasan Abed, for sharing his dream of empowering people and communities, In Bangladesh and beyond. She expressed her admiration for BRAC’s work and impact in Uganda saying “My hope and prayer is that their work in Uganda will rub off on our people so that they can learn to build, to empower themselves, to work with integrity and change the face of Uganda. Uganda will not change until Ugandans rise up and change it.”

Shameran Abed, the Executive Director of BRAC International, in his speech, thanked the First Lady for the invitation she extended to Sir Fazle to bring BRAC to Uganda. “Building on nearly two decades of experience with communities all across Uganda, we will deepen our work in the critical areas of financial inclusion, extreme poverty and early childhood development. Hon

“Janet Museveni, thank you for your invitation to my father to work in Uganda all those years ago, and for being such a strong supporter of BRAC. So much of what we are celebrating here today is owed to your vision of what this partnership could achieve.”

BRAC has been working in Uganda since 2006, marking this year its 17th year in the country.

Its microfinance, BRAC Uganda Bank Ltd (BUBL) is one of the largest providers of financial services in Uganda. BUBL’s mission is to provide a range of financial services to people living in poverty, especially women, to build sustainable livelihoods.

The NGO works with communities, providing holistic services including integrated, quality health care; early childhood development through play-based education; safe spaces for adolescent girls and young women to empower themselves; vocational education and training for skills and employability; emergency response and preparedness; and time-bound interventions to help families escape extreme poverty long- term.

The Deputy-Governor of the Bank of Uganda, Dr. Michael Atingi-Ego praised BRAC Uganda Bank’s contributions to financial inclusion in Uganda. He quoted the significant growth in the adult population with access to formal financial services – from 20% in 2011 to 66% in 2021. He reiterated the need for all stakeholders to contribute to making financial services in Uganda more accessible and more inclusive.

Nkosilathi Moyo, Chief Executive Officer of BRAC Uganda Bank Ltd, recognised BUBL’s achievement of having the largest network of banking services in Uganda, with 32 Credit

Institution locations and 130 satellite branches. He also reiterated BUBL’s commitment to reaching more underserved people, especially women, saying, “We have not come this far too just. By 2027, we hope to reach 250,000 borrowers, of whom 65% will be populations living in poverty and 90% populations living in rural areas.”

The celebrations ended with a touching and inspiring performance from girls in the Empowerment and Livelihood of Adolescents (ELA) clubs under BRAC’s Youth Empowerment Programme.

The organisation’s 50th anniversary is a celebration of solutions that are born and proven in the Global South, and the strength, ingenuity and courage of people who partner with BRAC to solve some of the world’s toughest challenges.

BRAC was born in a remote village in Bangladesh in 1972. Today, BRAC partners with over 100 million people living with inequality and poverty globally, through a community-led, integrated development model, combining social development, social enterprises and humanitarian response. BRAC first expanded its operations outside of Bangladesh in 2002 as BRAC International, and now directly implements and provides technical assistance to partner governments and civil society organisations in 16 countries across Asia and Africa.

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