Kampala, Uganda | THE INDEPENDENT | Uganda’s public debt has risen to 73.8 trillion shillings (about 20.8 billion US dollars), according to provisional figures at the Bank of Uganda up to the month of October 2021. By the end of June 2021, the Ministry of Finance, Planning, and Economic Development reported …
Read More »Demand for credit grows despite increase in interest rates
Kampala, Uganda | THE INDEPENDENT | Commercial banks approved a total of 2.8 trillion Shillings in loan amounts in the three months ending October 2021, which indicates growth from the 2.2 trillion Shillings approved in the quarter that ended July. Similarly, the value of loan applications rose to 4.9 trillion Shillings …
Read More »Uganda sees end of 2021 amid tense election, pandemic and war against terrorism
Kampala, Uganda | THE INDEPENDENT | Uganda has had a frantic 2021 as it experienced one of the most contested presidential elections, a devastating pandemic and a new war against terrorism. A three-month presidential election campaign culminated on Jan. 14, with the incumbent, 76-year-old Yoweri Museveni tussling it out with the …
Read More »Uganda records positive balance of trade, as gold receipts hurt
Kampala, Uganda | THE INDEPENDENT | Uganda’s export and import trade sector recorded declines in both volumes and value in the last six months of the year ending October 2021, as economic activity slowed down compared to the previous six months. Uganda had previously recorded a deficit in trade in both …
Read More »Omicron casts uncertainty over Uganda’s economic outlook: Central bank
Kampala, Uganda | THE INDEPENDENT | The Bank of Uganda on Monday said the Omicron variant of COVID-19 is casting uncertainty over the country’s economic outlook. Bank of Uganda, in a monthly monetary policy statement issued, said the Omicron variant could further disrupt the global supply chain, which may have spillover …
Read More »Agricultural credit facility demand outstrips available funds
Kampala, Uganda | THE INDEPENDENT | Ugandans in the agriculture sector have so far received a total of 620 billion Shillings under the Agricultural Credit Facility, a fund managed by the Bank of Uganda, according to a report for the period June 2020/2021. This was an increase by half in the amount …
Read More »African bankers move to orient industry towards climate resilience
Kampala, Uganda | THE INDEPENDENT | The Bank of Uganda has joined the Uganda Development Bank in supporting climate-friendly economic development through the financial sector. The Central bank is now developing guidelines that will help other financial institutions go beyond their own administrative environment-related policies, to ensure that the services they …
Read More »BoU permits extension of repayment credit relief to education, hospitality sectors
Kampala, Uganda | THE INDEPENDENT | Bank of Uganda has issued an exceptional permission allowing Supervised Financial Institutions-SFIs, at their discretion, to offer a repayment credit relief to their creditor in the education and hospitality sectors. The said SFIs include commercial banks, credit institutions, and microfinance deposit-taking institutions. Previously, authorities at …
Read More »Uganda’s total debt stock rises to UGX 67 Trillion: Central bank
Kampala, Uganda | THE INDEPENDENT | Uganda’s total debt stock grew to 67.4 trillion Shillings by the end of the financial year 2020/21 in June, according to the Bank of Uganda. This shows a debt to GDP ratio of 45.5 percent, in contrast to earlier estimates of almost 50 percent, which …
Read More »Is Sudhir’s victory against BoU in Crane Bank case a game changer?
Kampala, Uganda | THE INDEPENDENT | The controversy between Crane Bank and Bank of Uganda seems to be coming to an end after businessman Sudhir Ruparelia secured an injunction against the Bank of Uganda’s move to place Crane Bank (in receivership) under liquidation. The court also barred the Central Bank from continuing …
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