The Government has pledged to continue maintaining the flexible exchange rate that is determined by the demand and supply market conditions.

The Minister for finance planning and economic development Maria Kiwanuka says the global economy has been experiencing terrible times due to financial crisis affecting major export market.

Kiwanuka however says due to government initiative of regional integration and regional markets, the Ugandan economy has continued to perform well. She said in 2010-2011 export grew by 18.6% recovery from contraction of 25.1 % in the previous year.

Kiwanuka pointed out that Bank of Uganda will also continue to intervene in the foreign exchange market to deal with temporary fluctuations in the country.

She also said government will work with development partners and ensure quick disbursement of general budget support resource which is still pending to temporally increase the supply of foreign exchange.

The minister said in the next few months efforts will be made to focus more on fluctuating export promotion activities.
She however said government is committed to address issues directly affecting the Ugandan business community.

By Mathias Isaac Mugisa