economy 19 April 2026 Daily Monitor (Uganda)
Bank of Uganda Deputy Governor: Price Stability Essential for Robust Shilling
Bank of Uganda Deputy Governor Prof. Augustus Nuwagaba has stressed that maintaining stable prices is crucial for building public confidence in the shilling and bolstering its value. He highlighted Uganda's progress in this area compared to nations facing hyperinflation. Source: https://www.monitor.co.ug/uganda/news/national/stable-prices-key-to-strong-shilling-deputy-governor-5428628
Prof. Augustus Nuwagaba, Deputy Governor of the Bank of Uganda, emphasized during an interview in Masindi that steady prices are vital for a strong Ugandan shilling. He noted that consistent pricing fosters trust in the currency, encouraging savings and investments.
Uganda has achieved price stability, with items like cement holding steady at around Shs34,000. This contrasts sharply with countries like Zimbabwe, Argentina, and Venezuela, where prices fluctuate wildly within hours due to weak currencies.
The central bank shifted focus to price stability around 2010 as part of financial reforms to enhance commercial banking and ensure reliable transactions. Nuwagaba urged boosting local production to increase shilling demand and reduce reliance on imports, which can pressure the currency.
Sectors like tourism bring in foreign exchange, further supporting the shilling. He recalled the economic turmoil of the 1980s and credited policy changes for current stability.
Hannington Wasswa, Director of Commercial Banking at Bank of Uganda, added that low inflation from stable prices aids business confidence and protects low-income households. Buruli MP Alled Akugizibwe Ronald called for ongoing vigilance to control inflation through increased production.
Source: Daily Monitor (Uganda)