Ugandan Shilling Hits Lowest Since 1993 on Bond Outflows

The significance lies less in the headline level than in the mechanism: foreign bond outflows are translating directly into currency weakness, which suggests the shilling is being driven by portfolio flows rather than trade or aid. That matters for Uganda's local debt market, where offshore participation has been a marginal buyer, and for the sovereign's borrowing costs if the exit continues. The open question is whether this is a broad emerging-market repricing or Uganda-specific, since the item gives no figures on the scale of the outflows.