The Bank of Uganda (BOU) has addressed concerns about its limited updates on the Rwandan franc (RWF) and Congolese franc (CDF), following earlier press reports that the bank was excluding these currencies. Kenneth Egesa, Director of Communications at BOU, told Taarifa that the decision is based on market forces, not political motives.
Egesa explained that currencies like the RWF and CDF, with lower demand and supply in Uganda, are naturally less frequently quoted. “Authorized dealers decide based on supply and demand dynamics,” he said. He also noted that the use of foreign currencies like the US dollar for trade with Rwanda and the DRC limits the need for frequent updates on the francs.
Egesa further cited the difficulty in obtaining accurate forex rates for these currencies due to lower market activity. However, he emphasized that trade between Uganda and its neighbors remains strong, with traders choosing the currency that best suits their needs.