Bank of Uganda Reserves Buffer will DECLINE sharply WITHOUT External help – IMF

By DailyNewsUG Business Correspondent,

Without external help, Uganda’s foreign exchange reserves will fall to under 2 months of import cover in 2020/21 and leave the country in a vulnerable position, the International Monetary Fund said in a statement issued on Friday.

“Absent external support, the expected deterioration in the current, capital and financial accounts would result in a sharp decline of the Bank of Uganda’s (BoU) reserve buffer,” the IMF said.

Uganda currency notes

“This would be below the adequate level of reserves for Uganda, and would leave the country in a vulnerable position,” it added.

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