Bank of Uganda Governor Dr. Michael Atingi-Ego (pictured) has assured the financial sector that the Central Bank has what it takes to stabilize the exchange rate, following recent depreciation of the Uganda shilling.“Bank of Uganda has what it takes to stabilize this exchange rate. So, be still. All will be fine,” Atingi-Ego said on Friday morning at the Annual Bankers Conference 2026 organized by Uganda Bankers Association.The Governor revealed that towards the end of last week, the shilling began depreciating significantly to trade at about Shs3,930, driven by developments in global oil prices.“Colleagues, towards the end of last week the currency began to depreciate quite significantly. You all know what is happening in the global oil prices, and our currency is a market-determined currency. But I want to jog your minds a bit,” he said.The Shilling has slid nearly 6% over the past month, trading around 3,925–3,935 per US dollar, nearing record lows.Recalling past shocks, Atingi-Ego said the Central Bank has weathered similar pressures before.“Go back to July-August 2022 when central banks of advanced economies began raising interest rates. We saw capital flight, and the currency was shy of Shs3,900 from about Shs3,650 in February that year. Then it stabilized,” he noted.“In August 2023 when the World Bank announced they would not disburse any new monies to Uganda, the currency was shy of Shs4,000. We weathered it.”“Come February 2024 when a neighbouring country issued some bonds to buy back a Eurobond and went ahead to issue infrastructure bonds, the currency hit Shs4,000. We weathered it.”“In September 2026, because of global oil developments, the currency is trading at about Shs3,930 right now,” he added.“Why am I bringing all this? I am bringing all this to say Bank of Uganda has what it takes to stabilize this exchange rate,” Atingi-Ego emphasized. The post “We’ve Beaten Shs4,000 Before, We Will Do It Again” – BoU Governor Assures Financial Sector as Shilling Hits Shs3,930 appeared first on Business Focus.