Kampala, Uganda | THE INDEPENDENT | The Court of Appeal will make a judgment on Monday, November 2 to determine whether Diamond Trust Bank, DTB, refunds an equivalent of Sh120 billion shillings to businessman Hamis Kiggundu. The ruling will also shed more light as to whether the loans Kiggundu took …
Read More »Ham, DTB bank judgment to impact credit availability– Dr. Muhumuza
Kampala, Uganda | THE INDEPENDENT | The Commercial Court judgment against Diamond Trust Bank-DTB will have wider repercussions across the entire economy in terms of the cost of credit. On Wednesday, the Head of the Commercial Court, Justice Henry Peter Adonyo ruled that the credit facilities DTB-Kenya offered to local businessman, …
Read More »BoU hands over renovated ward, equipment to Ayivui HC III
Arua, Uganda | THE INDEPENDENT | Ayivui health center III in Arua city has received a newly refurbished maternity ward and medical equipment valued at over Shillings 100 million. The ward was renovated and equipped by the Bank of Uganda under its social corporate responsibility to promote professional health care services …
Read More »Small banks pay higher interest to savers
Kampala, Uganda | THE INDEPENDENT | Saving with a smaller bank earns you a better return than you would get with glamorous bigger banks, analysis of the latest Bank of Uganda data compilation shows. The data which shows what the banks pay you and charge you shows that commercial banks outside …
Read More »BoU lists banks with lowest lending rates on loans
Kampala, Uganda | THE INDEPENDENT | Bank of Uganda has named commercial banks charged borrowers lowest rates between January and June 2020, effectively making them the cheapest lenders for debtors to run to. Absa bank, Baroda, Bank of India, Citibank, Ecobank, NC Bank, Stanbic Bank, Standard Chartered Bank, United Bank of …
Read More »Uganda’s foreign exchange reserve stands at 3.9 bln USD
Kampala, Uganda | XINHUA | Uganda’s stock of foreign exchange reserves at end of June 2020 stood at 3.9 billion U.S. dollars, which is equivalent to 5.2 months of future imports of goods and services, the country’s central bank has said. Adam Mugume, executive director of research Bank of Uganda told …
Read More »BOU: Ugandans fearing to spend their money
Kampala, Uganda | THE INDEPENDENT | Ugandans are expected to hold onto their money for longer compared to pre-coronavirus days as many suspend spending due to insecurity of what the future holds, Bank of Uganda has said. BOU Governor Emmanuel Tumusiime-Mutebile said on Monday that many consumers are expected to be …
Read More »Cross-border informal exports fall by 99%
Kampala, Uganda | THE INDEPENDENT | Small-scale traders operating around Ugandan borders have suffered one of the biggest tumbles with coronavirus bringing their operations to near zero, official figures show. The scale of the impact is shown in the figures compiled by the Bank of Uganda in March, April and …
Read More »Non-performing loans jump to UGX 783 Bn – BoU
Kampala, Uganda | THE INDEPENDENT | The amount of money where borrowers have not made any payments for at least three months grew by 15 percent to 783 billion Shillings between January and March 2020, the Bank of Uganda has said. This is a growth from 666.3 billion Shillings of …
Read More »Bank of Uganda further cuts growth forecast
Kampala, Uganda | THE INDEPENDENT | Bank of Uganda has further cut growth forecasts to just over 2 percent an indicator that the impact of coronavirus disease on the economy is deeper than earlier thought. In the June monetary policy statement issued on Monday, the central bank said that the …
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