Museveni says he rejected Bank of Uganda proposal to use foreign reserves to support the shilling

Speaking at the national Independence Day celebrations, President Museveni said he opposed a Bank of Uganda proposal to draw on foreign exchange reserves to slow the shilling's fall against the dollar, arguing that a weaker shilling benefits exporters. According to the Daily Monitor, the exchange rate had reached Shs4,011 per dollar that morning, up from Shs3,700 in late September. The President also attributed high fuel prices to the Iran conflict and other external factors.