KABALE, UGANDA – The Deputy Governor of the Bank of Uganda, Prof. Augustus Niwagaba, has reported a swift stabilization of the Ugandan shilling against the US dollar since his appointment to the position earlier this year.
Thank you for reading this post, don't forget to subscribe!Prof. Niwagaba was speaking during the Christmas church service at St. James Church of Uganda in Kijuguta ward, Kabale municipality on Thursday, December 25, 2025.
The economist, who assumed the role of Deputy Governor in February, succeeding Dr. Michael Atingi-Ego following the latter’s elevation to Governor, addressed congregants on economic matters.
Prof. Niwagaba brought a clear perspective, viewing a strong national currency as a complex system that thrives only when all parts of the economy work in unison.
He noted that the Ugandan economy is currently supported by robust exports, including record gold earnings, strong remittances, and significant foreign direct investment in major projects.
“A strong national currency is akin to a complex beast. It does not thrive in isolation but only when all parts of the economy, from production to policy, work in perfect unison,” said Prof. Niwagaba.
He added that this positive trajectory is further reinforced by the central bank’s prudent monetary policies, which have maintained relative interest rate stability and controlled inflation to build a foundation for broader economic stability.
The Christmas service at St. James Church of Uganda, Kijuguta, presided over by Rev. Akatuhurira Golden, was also attended by Kabale Municipality MP and NRM flag bearer, Hon. Andrew Aja Baryayanga.
In his remarks, Baryayanga expressed optimism for the next five-year term, predicting accelerated municipal development based on the trust placed in him by his constituents.
Uganda’s potent mix of rising export revenues, strong investments, steady monetary policies, and resilient foreign inflows is creating the conditions for sustainable growth and a stronger, more stable national currency.
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