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Tag Archives: bank of uganda

Auditor General queries absence of Petroleum Investment Framework

Kampala, Uganda | THE INDEPENDENT  | The Auditor-General John Muwanga has queried the absence of a Petroleum Investment Framework to guide investment of funds under the Petroleum Revenue Investment Reserve in Bank of Uganda. While presenting his audit report for the year ended December 2019 to Speaker of Parliament Rebecca …

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MPs summon Mutebile over UGX 481 billion BoU capitalization

Kampala, Uganda | THE INDEPENDENT  | Parliament’s Finance Committee has summoned the Bank of Uganda Governor Emmanuel Tumusiime Mutebile to explain the continued recapitalization of the institution. This follows a fresh request by the Ministry of Finance to recapitalize the Central Bank with Shillings 481.7 billion Shillings in the coming financial …

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BoU staff expect Kasekende’s contract to be renewed

Kampala, Uganda | THE INDEPENDENT | Several Bank of Uganda staff expect the contract of the Deputy Governor Dr Louis Kasekende to be renewed in the coming days. Dr Kasekende’s contract will expire on 18 January 2020, completing a decade in the same position and making him the longest-serving deputy …

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Bank of Uganda warns against writing on currency

Kampala, Uganda | THE INDEPENDENT  | Bank of Uganda has warned the public against writing on currency notes, highlighting that the practice is illegal and could land them to prison. The warning follows various images circulating on social media with political messages reading “vote Bobi Wine 2021” and “Vote Museveni …

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Absa Uganda to start operation after licensing from Bank of Uganda

Kampala, Uganda | THE INDEPENDENT  | Absa Bank Uganda has officially received its license from Bank of Uganda, dropping the Barclays brand tag. Absa Uganda interim boss Nazim Mahmood together with other bank’s executive received the license from the Central Bank on Monday. Mahmood told reporters that “there will be no …

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Gov’t set to raid Petroleum Fund again

Kampala, Uganda | THE INDEPENDENT  | Uganda government will once again withdraw money from the petroleum fund and use it to fund the 2019/220 financial year budget. According to Bank of Uganda, government will withdraw 445 billion shillings which will be transferred from the fund to the consolidated fund for …

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BOU says NSSF bill unfair to pension sector players

Kampala, Uganda | THE INDEPENDENT |  Bank of Uganda has opposed some provisions in the National Social Security Fund Amendment Bill, 2019 as unfair to other pension sector players. The BoU Deputy Governor, Louis Kasekende disclosed this while leading a delegation officials from the central bank to submit their views on …

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Bank of Uganda cuts interest rate to boost growth

  Kampala, Uganda | THE INDEPENDENT | Bank of Uganda has cut interest rates, a move expected to boost businesses’ borrowing and consequently lift growth. BoU Governor, Emmanuel Tumusiime-Mutebile announced on Monday that he was cutting the Central Bank Rate (CBR), which signals the direction of interest rates, from 10% …

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