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 …
Read More »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 …
Read More »National Economy Committee queries UGX 1.2 Trillion BoU loan request
Nakaseke, Uganda | THE INDEPENDENT | The National Economy Committee of Parliament has raised concern over the management and credibility issues at Bank of Uganda in light of a fresh loan request of USD 491 million. The International Monetary Fund loan will see the Bank of Uganda (BoU) take US …
Read More »Investors fled country as Uganda started COVID-19 measures -BoU
Kampala, Uganda | THE INDEPENDENT | As Uganda prepared to impose a lockdown to stem the spread of the coronavirus disease (COVID-19), some investors withdrew billions of shillings from the country and ran for safe havens according to Bank of Uganda. In just one month between February and March 6, …
Read More »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 …
Read More »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 …
Read More »Interest on loans will still count during payment holiday – BOU
Kampala, Uganda | THE INDEPENDENT | Bank of Uganda has explained that interest on loans will still count even when you have been granted a loan payment holiday during the restructuring in the coronavirus crisis. Speaking through a webinar with the Rotary Club of Kampala South on Monday evening, Dr Tumubwine …
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