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This poll has completed. It ran from July 13, 2015, 8:27 a.m. through July 20, 2015, 9:44 a.m.
Do you think the rising dollar rate is already affecting your day to day life?
Background
At the beginning of 2015 the shilling was
trading at about Shs 2,784 against the dollar but is now at about Shs 3,450. This is a concern to many in the
business sector as the Uganda shilling has depreciated against the dollar by
27% over the course of the 2014/15 fiscal year.
Uganda’s export of goods and services fell in the last fiscal
year and our dependence on imports with the current state means the cost of
living is going to go up significantly with the fuel price already rising. The current
political climate within Uganda is also creating a lot of uncertainty and
foreign investors are holding onto their money as we head into next year’s elections.
The downward trend prompted a response from the Central Bank
governor, Emmanuel Tumusiime Mutebile who said that Bank of Uganda will no longer
inject dollars in the currency markets because it is not sustainable.
With Mutebile warning that ‘there is little prospect for
substantial improvement in the external economic environment in 2015/16’ and
experts warning that it’s probably going to depreciate further considering that
electioneering money has started to get into the economy ahead of the 2016
polls, the Uganda shilling has a long road to recovery.
Questions
Do you think the rising dollar rate is already affecting your day to day life?
A. Yes
B. No
Instructions
Go to messages on your phone. Type KINGS followed by your DISTRICT and A or B. Send your message with a short comment to 8585. This SMS is completely FREE OF CHARGE.
Results by location
No responses yet for 114 categories.
Geo-mapped data