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Tag Archives: bank of uganda

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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Bank of Uganda approves NC Bank, CBA integration

Kampala, Uganda | THE INDEPENDENT | The Bank of Uganda has issued a letter of no objection to the integration of NC Bank and Commercial Bank of Africa to make one bank with the deal expected to be completed at the end of June. The merger of the banks had …

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Uganda Development Bank to be placed under BoU watch

Kampala, Uganda | THE INDEPENDENT | Uganda Development Bank -UDB will be placed under the watch of Bank of Uganda with the aim of strengthening it. UDB is 100 percent owned by the government and has been self-regulating, audited by the Auditor General and reporting to parliament to answer queries …

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Court dismisses Jaffery Forex Bureau suit against BoU

Kampala, Uganda | THE INDEPENDENT | High Court has dismissed a suit in which Jaffery Forex Bureau sought compensation of Shillings 9.5 billion from Bank of Uganda for illegal withdrawal of its license. Jaffery Forex Bureau ran to the High Court Civil Division in July last year challenging a decision by …

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Tropical bank owners have injected in capital -BoU

Kampala, Uganda |  THE INDEPENDENT |  In a move to calm fears over the future of Tropical Bank Limited, Bank of Uganda has said its owners have injected in money and now the bank is well-capitalized. In the audited accounts for 2019, it was revealed that the bank had been undercapitalized …

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Export earnings drop by UGX 4.1 Trillion – BoU

Kampala, Uganda | THE INDEPENDENT | Uganda’s export earnings in the twelve months to February 2020 dropped by at least USD 1.1bn (27.2%), equivalent to 4.1 trillion shillings. According to the Bank of Uganda, this has worsened by the country’s trade deficit – a situation when a country’s imports exceed its …

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