Bank of Uganda Repo Guidelines - October 2023

Financial Markets in Uganda

Uganda implemented a variety of foreign exchange regimes as follows:


A par value of 0.124414 gram of gold per Uganda shilling was maintained.


Shilling-US dollar pegged at Shs. 7.14286 per dollar.


Shilling-SDR pegged at Shs. 9.66 per dollar.


The Shilling floated.


Dual exchange rate regime. The foreign exchange was auctioned through a system known as Window 1 and Window 2. Window 1 was for financing priority imports and the rate was determined daily considering the value of the dollar against other currencies and the economic conditions in the country. Window 2 was for financing non-priority imports.


The auction system was replaced by allocation based on a rate of Shs.1,470 per a dollar. That same year the dual exchange rate was re-introduced at a fixed rate of Shs. 1400 per dollar.


In May 1987 the shilling was devalued by 66% from shs. 14 to 60. This was after the currency reform.

1993 to date

The current and capital accounts were fully liberalized. Bank of Uganda has since implemented a floating exchange rate regime.