Uganda's currency has appreciated against the dollar over the past five years due to strong economic management and open financial policies that attract foreign investment, according to Patrick Qyota, the managing director of the National Social Security Fund.
Ayota spoke at a business forum on Tuesday, highlighting the ties between Uganda and the United Arab Emirates. He said someone who brought 10,000 dollars to Uganda five years ago would have made 695 dollars just from the currency exchange.
The shilling strengthened while other African currencies weakened. Ayota credited disciplined fiscal policy, free exchange rates and no restrictions on moving money across borders.
Uganda allows investors to move profits freely after taxes. The country sits at Africa's center and offers access to most of the continent within a short flight, making it attractive for regional trade and manufacturing.
Ayota spoke at a business forum on Tuesday, highlighting the ties between Uganda and the United Arab Emirates. He said someone who brought 10,000 dollars to Uganda five years ago would have made 695 dollars just from the currency exchange.
The shilling strengthened while other African currencies weakened. Ayota credited disciplined fiscal policy, free exchange rates and no restrictions on moving money across borders.
Uganda allows investors to move profits freely after taxes. The country sits at Africa's center and offers access to most of the continent within a short flight, making it attractive for regional trade and manufacturing.
