From October 1 through 16, 2013, the United States federal government entered a shutdown and curtailed most routine operations after Congress failed to enact legislation appropriating funds for fiscal year 2014, or a continuing resolution for the interim authorization of appropriations for fiscal year 2014. Regular government operations resumed October 17 after an interim appropriations bill was signed into law.
The CEO Magazine, sought financial experts’ take on what would have happened to Uganda`s economy if the USA had failed to strike a deal to avert a default over its budget ceiling. At Uganda`s Stanbic bank, Mr. Benon Okwenje, the Fixed Income Manager Global Markets said, “ I think it’s safe to say that everyone expected the USA to cut a deal and sort out the budget ceiling debate.
What was in question was in what form it would take. Irrespective of what happened in the USA, the US Dollar is still the “world’s currency” and is considered a safe haven by most investors. The question that now arises is if not the US Dollar then what other currency?
