Uganda Real Effective Exchange Rate
Real effective exchange rate index PX.REX.REER
Uganda's real effective exchange rate was 110.18 in 2024, ranked 71st globally. This represents a 2.3% increase from 2023. Data from BIS, covering 1980–2024.
Overview
Uganda's real effective exchange rate stood at 110.18 in 2024, a rise of +2.47 from 2023. Based on recent trends, this figure is projected to reach 113.82 by 2025. Uganda ranked 71st globally.
Uganda’s real effective exchange rate (REER) has fallen dramatically from its 1980 peak of 2,202.47 to a trough of 92.13 in 2018, before edging up to 110.18 in 2024, placing the country 71st globally. This long‑term depreciation reflects successive devaluations that have boosted the competitiveness of Ugandan exports while also pressuring import‑dependent sectors. The 2024 REER sits just below Switzerland’s 110.84 and closely aligns with Cameroon’s 108.82, suggesting that Uganda’s external price competitiveness now resembles that of other emerging markets rather than the higher‑priced economies of the United Kingdom (108.37) or North Macedonia (110.90). The modest appreciation since the 2018 trough indicates a gradual reversal of the steep decline that began in the early 2000s, driven by tighter monetary policy and improving terms of trade. Continued fiscal consolidation, higher foreign‑direct investment inflows, and a stable macro‑environment could sustain this upward drift, whereas renewed external shocks or commodity price volatility might again depress the REER.
Data & projection
| Year | Real Effective Exchange Rate | YoY change | Rank |
|---|---|---|---|
| 2027* trend | 120.80 | - | - |
| 2026* trend | 117.31 | - | - |
| 2025* trend | 113.82 | - | - |
| 2024 | 110.18 | +2.47 | #71 |
| 2023 | 107.71 | +4.81 | #72 |
| 2022 | 102.90 | +4.18 | #64 |
| 2021 | 98.72 | +1.50 | #49 |
| 2020 | 97.22 | +1.74 | #40 |
| 2019 | 95.48 | +3.36 | #35 |
| 2018 | 92.13 | −3.41 | #24 |
| 2017 | 95.53 | −2.47 | #36 |
| 2016 | 98.00 | −3.21 | #51 |
| 2015 | 101.21 | −6.50 | #65 |
| 2014 | 107.72 | +1.70 | #87 |
| 2013 | 106.01 | +1.06 | #82 |
| 2012 | 104.96 | +10.85 | #80 |
| 2011 | 94.10 | −5.90 | #7 |
| 2010 | 100.00 | −8.35 | #94 |
Detected Pattern
Analysis
Uganda matched the Orthodox Tightening Cycle pattern in 2011. Historically, 57% of countries showing this pattern (177 out of 311) saw real effective exchange rate improve within 24 months. View full analysis →
Frequently Asked Questions
Uganda's real effective exchange rate was 110.18 in 2024. Ranked 71st globally. This represents a 2.3% increase from the previous year.
Uganda's real effective exchange rate peaked at 2,202.47 in 1980.
The lowest real effective exchange rate in Uganda was 92.13 in 2018.
Uganda ranks 71st globally in real effective exchange rate as of 2024.
The World Bank indicator code is PX.REX.REER. Data sourced from BIS.
Uganda's real effective exchange rate is projected to reach 113.82 by 2025 based on trend extrapolation.
The real effective exchange rate of Uganda in 2024 was 110.18. This ranks 71st in the world.
Cite this page
@misc{historysaid_uganda_reer,
title = {Uganda Real Effective Exchange Rate},
url = {https://historysaid.com/uganda/reer/},
publisher = {HistorySaid},
year = {2026}
}