Tag Archives: bank of uganda

Kampala, Uganda | THE INDEPENDENT  | Uganda government will once again withdraw money from the petroleum fund and use it to fund the 2019/220 financial year budget. According to Bank of Uganda, government will withdraw 445 billion shillings which will be transferred from the fund to the consolidated fund for …

Kampala, Uganda | THE INDEPENDENT  | The value of banknotes and coins issued for circulation increased by 272 billion shillings last financial year as Bank of Uganda responded to increased withdrawal of money by the commercial banks. In a 2018/19 annual report, the central bank reports that new banknotes in circulation …

Kampala, Uganda | THE INDEPENDENT |  Bank of Uganda has opposed some provisions in the National Social Security Fund Amendment Bill, 2019 as unfair to other pension sector players. The BoU Deputy Governor, Louis Kasekende disclosed this while leading a delegation officials from the central bank to submit their views on …

  Kampala, Uganda | THE INDEPENDENT | Bank of Uganda has cut interest rates, a move expected to boost businesses’ borrowing and consequently lift growth. BoU Governor, Emmanuel Tumusiime-Mutebile announced on Monday that he was cutting the Central Bank Rate (CBR), which signals the direction of interest rates, from 10% …

Kampala, Uganda | THE INDEPENDENT | Banks in Uganda and other currency traders are awaiting directions on how they can proceed to trade Kenyan new currency notes. Kenya’s old 1,000 note stopped being legal tender on Monday 30 September 2019 and anyone who has it around the world will not …

Kampala, Uganda | THE INDEPENDENT | Opportunity Bank Uganda Limited has been granted a license to operate as a commercial bank by Bank of Uganda. This brings the number of commercial banks in the country to 25. According to a Bank of Uganda letter dated September 25, 2019, Opportunity bank …

Kampala, Uganda | THE INDEPENDENT | Bank of Uganda has asked businesses that accept electronic card payments to stop charging customers extra fees or surcharge other than that agreed up with service provider of the given payment card. BoU also says no business owner is allowed to set a minimum or …

Kampala, Uganda | THE INDEPENDENT | Uganda Law Society-ULS has rejected a proposal in the National Social Security Fund Amendment Bill, 2019 to allow the fund to lend money directly to government. The Bill seeks to among others amend the NSSF Act, 1985 to provide that the Board of Directors …

Kampala, Uganda | THE INDEPENDENT | The government has increased the deposit insurance limit from the current 3 million to 10 million shillings. This is the amount of money that is put aside to cater for misfortunes like the closure of a bank, as a guarantee that depositors can be …

Kampala, Uganda | THE INDEPENDENT | Bank of Uganda has issued stringent guidelines on the operations of staff in currency centres. In a letter dated September 2, 2019, BoU acting director of the currency directorate Dr Bazinzi Natamba said the guidelines are intended to mitigate risks and strengthen controls at …