The Bank of Uganda (BoU) has published the Uganda Foreign Exchange (FX) Swap Curve for the first time to enhance pricing transparency in foreign currency funding costs.
The benchmark chart tracks FX swap points for the Ugandan shilling (UGX) against the United States dollar (USD) across multiple timeframes ranging from overnight to one year.
The central bank developed the framework in collaboration with commercial banks and the London Stock Exchange Group (LSEG). The initiative was finalized following a pilot project to confirm that commercial banks can consistently supply reliable market quotations across key maturities.
"An FX swap is a financial agreement in which two parties exchange one currency for another at an agreed exchange rate and simultaneously agree to reverse the transaction at a specified future date," the central bank noted in a release.
The benchmark is designed to serve commercial banks, businesses, institutional investors, and policymakers by offering a market reference to support contract valuation, risk management, and price discovery.
Under the operational model, commercial banks will submit daily market quotations to support the curve's daily calculation. The benchmark will be published each business day as part of the central bank's Daily Money Market Report.
The initial curve data published for August 6, 2026, details mid-swap points ranging from 0.205 for overnight transactions to 174.342 for one-year maturities.
