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 …
Read More »UBA Bank appointed a primary dealer in government debt market
Kampala, Uganda | THE INDEPENDENT | United Bank for Africa Uganda (UBA) has been appointed a primary dealer bank by Bank of Uganda with effect from October 1, 2021. As such, UBA will now lend government money on behalf of the public and in exchange, provide Treasury Bills and Bonds as …
Read More »Ignore rumor of seizing money in dormant accounts – Kasaija
Kampala, Uganda | THE INDEPENDENT | Holders of bank or mobile money accounts whose cash balances may be transferred to the Bank of Uganda or to the Consolidated Account, are free to recover it according to the laws. The National Payments Act, 2020 provides for the transfer of “idle money” or …
Read More »Financial sector, BoU agree on fair play to develop technology
Kampala, Uganda | THE INDEPENDENT | The Bank of Uganda will keep reviewing the operating conditions of the financial technology companies-Fintech, which have termed the recently introduced regulations for the sector as unfavourable. Fintech is the technology and innovation that aims to compete with traditional financial methods in the delivery of …
Read More »Bank of Uganda forecasts slower growth due to second Covid-19 wave
Kampala, Uganda | THE INDEPENDENT | The Bank of Uganda has revised its growth projections for this financial year. BoU says that all high-frequency indicators available show that the momentum of economic activity for the quarter to July 2021, subsided. The tourism sector was expected to grow much faster when Entebbe …
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