Ugandan shilling building on gains made after anti-gay bill scrapped

By Elias Biryabarema

KAMPALA (Reuters) – The Ugandan shilling was stable on Monday and traders said they expect the currency to build on gains made after a court overturned an anti-gay law that drew Western criticism and halted aid payments.

At 0830 GMT commercial banks quoted the shilling at 2,610/2,620, unchanged from Friday's close.

The local currency firmed 0.3 percent on Friday after Uganda's constitutional court rescinded the anti-gay law which punished gay sex with lengthy jail sentences.

"The outlook still favours the shilling after the court decision on the anti-gay law," Centenary Bank trader Sage Daniel Muganza said.

"There's also some shilling tightness which is supporting an upward bias … inflows into the auction might also come through," he said.

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