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The Passing of Anti-Homosexuality Law has Caused Depreciation of Ugandan Shillings, Says Bank of Uganda.



Bank of Uganda, on 25-10-2023, has informed Parliament that following the pronouncement by World Bank to stop approval of any new loans to Uganda after the passing of the Anti-Homosexuality Act, the Uganda shilling depreciated within two days & the depreciation has remained stagnant to date.

"Following the pronouncement by the World Bank regarding new financing as a result of the Anti-Homosexuality Act, that they wouldn’t be funding any new loans in Uganda, that had an impact on the exchange rate. We saw the exchange rate depreciating from about 3650 to nearly 3750 in a period of two days. So it has kind of remained there, so there are all those pressures and uncertainties regarding the currency as a result of the passing of the Anti-Homosexuality Act," Michael Atingi-Ego, Deputy Governor, Bank of Uganda.

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