Bank of Uganda Buys $1.5 Billion, Uses FX Swaps to Grow Reserves

The Bank of Uganda has bought $1.5 billion from the market this fiscal year and used currency swaps to rebuild its foreign-exchange reserves after they were drained by an aid freeze and debt repayments.

“We have taken extraordinary measures,” Governor Michael Atingi-Ego said in an interview with Bloomberg TV. “We are concluding some more cross-currency repos and swaps just for the purpose of reserve accumulation.”