16 °c
London
Tuesday, April 20, 2021
No Result
View All Result
FurtherAsia FurtherArabia FurtherBrazil FurtherRussia
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

Gold export strengthens Ugandan shilling

FurtherAfrica by FurtherAfrica
October 9, 2019
in Africa, Currency, Economy, Gold, Uganda
Reading Time: 2 mins read
1
Zimbabwe’s gold output up to 24.8 tonnes in 2017
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Since May, Uganda’s earnings from gold exports have been increasing from $78.7 million to $97.3 in July.

Increased gold export in recent months has strengthened the Ugandan shilling, helping ease inflationary pressure from imported goods.

The Uganda Bureau of Statistics reported that the annual headline inflation had slowed to 1.9 per cent in the month of September compared to 2.1 per cent registered in August, which is largely attributable to a stronger shilling.

Data from the Bank of Uganda shows that the shilling which was trading at 3,765.6 against the dollar in May, has remained stable at just over the 3,600 units for the months of August and September. Since May, Uganda’s earnings from gold exports have been increasing from $78.7 million to $97.3 in July.

Dr Fred Muhumuza, a development economist, says the shilling which had been destined to reach the 4,000 units to the dollar mark, is now gaining strength thanks to Uganda’s gold exports.

Uganda’s source of gold has previously been questioned with some reports suggesting that the country was used as a conduit for smuggled Venezuelan gold.

In March, African Gold Refinery faced accusations of questionable importations of 7.4 tons of gold, some of which was suspected to have originated from Venezuela.

The gold mining and export industry has not been recorded as a major source of employment, giving doubts about the origin of the precious metal.

The increased gold exports are having a far-reaching effect on the country’s economy. A stronger shilling has led to a reduction in the price of imports, especially oil products, which is one of Uganda’s main imports, helping to ease inflation. Which comes at a time when attacks on oil fields in Saudi Arabia should have led to a different outcome.

Dr Muhumuza further added that the price of oil drives the cost of other consumer goods

Due to a stronger shilling, the merchandise trade deficit has narrowed by 17 per cent. In June, the product trade deficit reduced from $ 278.91 million to $ 231.42 million in July. while export earnings grew by 5.9 per cent, even as the receipts from major commodities like maize and tea shrank.

Uganda’s Ministry of Finance data shows export earnings grew from $300.6 million in June to $318.4 million in July, which is the most recent data provided by the Bank of Uganda and the Ministry of Finance. The value of imports has reduced by 5.1 per cent from $579.5 million in June to $549.9 million in July.

Source: The Exchange

Related

Tags: African Gold RefineryBank of UgandaCurrencyFeaturegoldUgandaUganda Bureau of StatisticsUganda Ministry of FinanceUganda shillingугандаأوغنداウガンダ乌干达
ScanSendShare320Tweet200Share56Pin72Send
Previous Post

Zambia ponders more power imports to cushion deficit

Next Post

Chinese company to build transmission network in Mozambique

FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Economy

Angola: Fitch estimates growth of 1.7% this year

by FurtherAfrica
April 20, 2021
Ethiopia’s Assela wind farm project enters construction
Renewables

Eastern and Southern Africa’s vast renewables potential offers route to sustainable growth

by Staff
April 20, 2021
Coronavirus

Ethiopian Airlines delivers COVID-19 vaccine to Brazil; over 20 million doses delivered worldwide

by Staff
April 20, 2021
Mozambique

Mozambique: Metical appreciated 35% this year, but earnings expected to reverse – Standard Bank

by FurtherAfrica
April 20, 2021
Wilderness Safaris opens the new DumaTau camp in Botswana
Tourism

Wilderness Safaris opens the new DumaTau camp in Botswana

by BOTSWANA UNPLUGGED
April 20, 2021
Next Post
EU pledges €20m for Malawi-Mozambique power project

Chinese company to build transmission network in Mozambique

Where Are The Private Equity Buyers In Sub-Saharan Africa Buyer’s Market?

South Africa's Impala to buy North American Palladium for C$1 billion

Zimbabwe’s Reserve Bank disallows foreign currency withdrawals

Comments 1

  1. Avatar agoldmind says:
    1 year ago

    Indeed

    Reply

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

2021 AFSIC
2022 Indaba Mining

FurtherAfrica Partners

The Exchange Club of Mozambique Taarifa Rwanda
CrudeMix Africa TechGist Africa Farmers Review Africa
Botswana unplugged Financial Insights Zambia Africa Oil & Power
Harambee Africa Novafrica  

Subscribe to FurtherAfrica

Enter your email address to receive notifications of new articles on your email.

Join 73,051 other subscribers.

FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About

© 2021 FurtherMarkets

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?