United Arab Emirate Exchange Centre , one of the leading exchange houses in the country had opened another branch in Uganda. The branch located at Amber House brings to two the numbers of branches the company operates in the country.

The exchange centre established in 1980 is the largest remittance and exchange house in the Middle East, with a fast growing international presence, that spans 17 countries with nearly 370 direct offices.

The company is engaged in different services ranging from financial services to trading in pharmaceuticals, education and medical supplies, foodstuff, retail pharmacies,gold, diamond and real estate.

The shilling is expected to hold on its gains against the dollar in the coming weeks as interest rates continue to rise.

Experts predict that this trend may go on until the end of June when the financial year ends.

The shilling rose against the dollar during the week closing 1568/73 from the 1580/1590 at the opening levels of the week.

The shilling’s strength is as a result of the continuous dollar flows from portfolio investors with major corporates out of the market.

The Ugandan shilling compacted against a dollar on the reverse side of antagonistic inflows from the development agencies that coordinated the available corporate demand, dealers alleged.

The shilling sealed a week at 1,746/1,751 to the dollar vis-à -vis the previous week’s 1,747/1,752 close .It is thus justifiable that the shilling has yielded good performance alongside a dollar overdue last year to date.

Dealers allege that the local unit opened strong against the greenback but rather retreated due to vigorous inter-bank trading hitherto recovering during the week. In addition, they expect that the local unit would be range-bound and trade within the 1,740/1,751 rate to the dollar. This was also emphasized by a spot dealer at Standard Chartered Bank.