Uganda shilling becomes the Second weakest Currency in Africa
Image: Give offertoryIn the recently conducted African Currency survey, the Ugandan Shillings was indicated to be the second weakest currency in the continent.
Just like we always compare ourselves to the best, the survey made use of the US dollars as a standard to show how weak African currencies are.
The results showed, besides the Kenya shilling, all the East African currencies appeared in the top five weakest currencies.
The Guinea franc topped the list at 9000 against the dollar, Uganda placed second at Shs3800 to the dollar. Tanzanian shilling is next in the line at 2245, Burundian Franc at 1758 and Rwandese Franc wraps up the top five at 853.
According to the survey, currencies can be weakened by a number of factors which include; poor economic performance, corruption, lack of investors, inadequate natural resources, money laundering among others.
