On Thursday, May 18, 2023, I&M Bank Uganda, in collaboration with the ACI- Financial Markets Association of Uganda, hosted a successful Treasurer’s Forum at the I&M Bank Head Office, at Kingdom Kampala.
The Treasurer’s Forum, which serves as the constituent technical arm of the Uganda Banker’s Association on Financial Markets-related matters, brought together Heads of Department for the Treasury/Global Markets function of commercial banks in the country.
Held once every month, the Treasurer’s forum recognises that a well-functioning financial market is crucial to the growth of the Ugandan economy, and the overall financial services sector. The main objective of the monthly meetings is to promote a well-functioning financial markets sector by promoting both international and local engagements between the regulator, stakeholders and financial markets participants.
Denis Damba, the Head of Treasury I&M Bank hosted the open discussion, where the different member banks covered a number of important topics that ranged from tax amendments, Fed Rate hikes, the general economic outlook, fiscal consolidation, and offshore investment.
Damba advised that the government should consider widening and deepening the tax base, in order to avoid multiple taxation of the same people/ entities.
“Interest Rate could still remain high depending on the policy actions of the Central Bank and policy development in the United States will continue to have an impact on Uganda’s financial market. This implies the financial market is still going to be tight in terms of lending rate,” he further stated.
The member banks also delved into the intricacies of the 2023/2024 national Budget, during which they estimated the inflation rate to be at 5% in the first quarter of 2024.