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Uganda’s Anti-Gay Law Punished in Foreign-Exchange Market

The gains that had made Uganda’s shilling the second-best performing African currency this year are evaporating after President Yoweri Museveni imposed harsher penalties against homosexuals.

The shilling slumped 2.9 percent against the dollar since Museveni signed the bill on Feb. 24, the biggest decline among all currencies after Ukraine’s hryvnia and Haiti’s gourde. That’s a reversal of the first seven weeks of the year, when the shilling rallied 3.1 percent, the most on the continent after the 6.8 percent surge in Somalia’s currency.