Bank of Uganda Governor Michael Atingi-Ego assured the financial sector that the central bank has the capacity to stabilise the shilling, which has come under renewed pressure amid developments in global oil prices.
Speaking at the 2026 Annual Bankers Conference convened by the Uganda Bankers’ Association at Marriott Hotel on Friday, Atingi-Ego said the shilling, which trades under a market-determined exchange-rate regime, was trading at about UGX3,930 in September.
“Towards the end of last week, the currency began to depreciate quite significantly. You all know what’s happening in the global oil prices,” he said.
The Governor cited previous episodes of currency pressure, including the global interest-rate hikes of July-August 2022, when capital flight pushed the shilling from about UGX3,650 in February to nearly UGX3,900 before it stabilised.
He also pointed to August 2023, when the World Bank announced it would not disburse new financing to Uganda, sending the shilling close to UGX4,000, and February 2024, when regional bond-market activity again pushed the currency to UGX4,000.
“We weathered it,” Atingi-Ego said, referring to both episodes.
Against the backdrop of the latest depreciation, the Governor reassured banks and other financial-sector players that the central bank has the tools to respond.
“Bank of Uganda has what it takes to stabilise this exchange rate. So, be still. All will be fine,” Atingi-Ego said.
