Says revamping the economy will depend on government spending Kampala, Uganda | Julius Businge | The Central Bank has once again lowered its indicative lending rate, the Central Bank Rate, in a bid to push commercial bank rates down and spur private sector borrowing in the next three months. …
Read More »Bank of Uganda reduces CBR to 10% for next three months
Kampala, Uganda | JULIUS BUSINGE | Bank of Uganda has today (June 19) announced a reduction of the Central Bank Rate (CBR) by 1 percentage point to 10%. Governor Emmanuel Tumusiime Mutebile made the CBR announcment that sends a signal to the market on the direction of interest rates. This rate, that …
Read More »Govt ordered to defend itself in Ssemwanga funeral court case
Government given 15 days to defend itself in the Ivan ‘Don’ Ssemwanga funeral money court case The High Court in Kampala has given the Attorney General and Bank of Uganda 15 days to file a written defence explaining why they never restrained socialites from the self styled “Rich Gang” from …
Read More »Ivan ‘Don’ Ssemwanga funeral money case in court
Bank of Uganda and A-Plus funeral management dragged to court over the late Ivan “Don” Ssemwanga Bank of Uganda makes statement, warns on misuse of the Uganda shilling note New Bank of Uganda Act in offing A concerned citizen, a one Abey Mgugu, has dragged A-Plus funeral management and Bank …
Read More »Islamic banking presents new opportunities
Tropical Bank takes lead with more than 8000 customers interested in taking up Islamic banking services The Secretary General of the Association of National Development Finance Institutions in Member Countries of the Islamic Development Bank (ADFIMI), Nuri Birtek says Uganda’s commercial banks and investors need to support small and medium …
Read More »Manufacturing sector, the engine for Uganda’s growth
Mubaraka Nkuutu Kirunda has been acting as the executive director at Uganda Manufacturers Association (UMA) for about four months. He spoke to The Independent’s Julius Businge about the prospects of Uganda’s manufacturing sector. Manufacturing is among sectors that experienced negligible growth in the first half of this financial year (the …
Read More »Housing Finance Bank registers Shs 18.05bn net profit
It now joins Stanbic, Stanchart, DFCU, DTB that have also recorded surge in profits in 2016 Uganda’s commercial banks spent almost the entire of last year worried about making money in a rather challenging economic environment that was characterised by high interest rates amidst slow economic activities. But they seemed …
Read More »COVER STORY: Bad economy
Here is why Ugandans are poorer today than yesterday There is more bad news for the Uganda economy this April. According to the latest figures from the Uganda Bureau of Statistics (UBOS) and the Central Bank, the economy will not achieve the targeted 4.5% growth this financial year. It will …
Read More »Sudhir suffers more losses
Property mogul Sudhir Ruparelia is reeling from yet another loss after Bank of Uganda shut down four forex bureaus belonging to him. In a statement BOU issued, the owners of the forex bureaus closed made no effort to renew them after their licenses expired on Dec 31. Two of the …
Read More »VIDEO: Bank of Uganda warns on Islamic banking
VIDEO: The Bank of Uganda has warned that the Islamic banking may fail in the country if it is abused by commercial banks. According to Justin Bagenda, the executive Director supervision at Bank of Uganda, the commercial banks that are to embrace the new form of banking need to be aware …
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