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[RwandaLibre] Bloomberg - 7 hours ago: Uganda Currency Plunges as Anti-Gay Law Prompts US Aid Cuts

 

Uganda Currency Plunges as Anti-Gay Law Prompts US Aid Cuts

Bloomberg - 7 hours ago

Uganda's shilling slumped to the lowest level in 15 months after the
U.S. government said it was cutting aid to the East African nation
over a February law that toughened punishment for homosexual acts.

The currency fell 1 percent to 2,616.50 per dollar by 5:11 p.m. in the
capital, Kampala, the lowest since March 2013. The shilling slumped
6.4 percent since President Yoweri Museveni signed the bill on Feb.
24, the most after Ghana's cedi among 24 African currencies monitored
by Bloomberg. That's a reversal of the first seven weeks of the year,
when it rallied 3.1 percent.

The U.S. is discontinuing or redirecting funds for programs in Uganda,
where life sentences can be imposed for some homosexual acts, the
National Security Council said last week, without giving an amount.
Norway, Denmark and Sweden also redirected or withheld aid and the law
has forced people to flee the country or go into hiding, Human Rights
Watch and Amnesty International said last month.

The shilling weakened "because of the negative sentiment after the
U.S. announced they are cutting off donor funding," Joseph Mwanguo,
head of treasury at NIC Bank Uganda Ltd. said by phone today. "There
will definitely be reduced inflow of dollars."

The reduction in aid, which was announced on June 19, will impact
people that the U.S. "purports to support and aims to protect," the
Ugandan government said in an e-mailed statement a day later.

Market sentiment "that there will be shortage of dollars" after the
U.S. announcement came at a time when there was a lack greenback
supplies in the market, Ahmed Kalule, a currency trader at Bank of
Africa Uganda Ltd., said by phone from Kampala.

To contact the reporter on this story: Eric Ombok in Nairobi at
eombok@bloomberg.net
To contact the editors responsible for this story: Vernon Wessels at
vwessels@bloomberg.net Emily Bowers

http://www.google.ca/gwt/x?gl=CA&hl=en-CA&u=http://www.bloomberg.com/news/2014-06-23/uganda-currency-plunges-as-anti-gay-law-prompts-u-s-aid.html&source=s&q=Uganda+Currency+Plunges+as+Anti-Gay+Law+Prompts+U.S.+Aid+Cuts+Bloomberg

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