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Bank of Uganda (BoU) has today, April 6th, 2020, in the April 2020 Monetary Policy Committee (MPC) meeting reduced the Central Bank Rate (CBR) by 1 percentage point to 8 percent. The CBR has been at 9% since October 2019. This is the lowest-ever rate since the CBR was introduced as a monetary policy tool, back in July 2011, then at 13%. The highest it has ever risen is 23%, at the height of one of Uganda’s worst inflationary spells. At the time, inflation annual headline and core inflation was 30.5% and 30.8% respective In a statement signed by the…
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The National Social Security Fund has today 31st March 2020, announced measures to allow businesses/employers facing economic distress to reschedule their NSSF contributions for the next three months without accumulating a penalty. This follows a failure by 33% of employers to remit their February 2020 contributions- which should have been filed by 15th March 2020. “The decision is informed by the fact that some employers are grappling with inadequate cash flows, stemming from limited consumer demand and disruptions in supply value chains. The Fund’s internal analysis indicates that the number of contributing employers in the mentioned sectors has declined by…
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Sheraton Kampala Hotel one of Kampala’s top hotels has sent down most of its staff on paid leave as Covid-19 related restrictions have severely diminished business at the hotel. In an interview with CEO East Africa, the hotel’s General Manager, Mr. Jean Philippe Bittencourt, said that the hotel is mainly catering to “guests that could not leave the country” as well as a “few residents in our apartments.” “We are generally operating at only at less than 3 % (occupancy rate),” he said. “As far as bookings are concerned, of course, there is nothing coming through and April is expected…
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Although Uganda had as of March 15, 2020, not yet registered a single case of the deadly COVID-19 top five Kampala hotels had registered a loss of an estimated USD 2,089,129 in canceled bookings alone due to global travel restrictions and anxieties! With 9 cases confirmed todate in Uganda, the banning of political, social and religious gatherings as well as a total lockdown of all our borders to all sorts of travel- by land, air and sea and most Ugandans being encouraged to stay home, the damage to the tourism sector that is Uganda’s No.1 foreign exchange earner is unfathomable….
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In a bid to ease COVID-19 related pressures on taxpayers, Uganda Revenue Authority has announced, it will allow various amnesties, extensions for filing tax returns and penalties. In the announcement made today, March 24th, 2020 taxpayers whose accounting date is in September and were due to file their Corporation Tax returns by 31st March 2020 but are unable to, have been granted a two (2) months reprieve. The new date for filing is May 31st, 2020. All penalties related to late submission of these returns shall be canceled if the returns are filed on or before 31st May 2020. In…
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A day after Uganda confirmed eight new COVID-19 cases, bringing the total confirmed cases to nine, President Yoweri Kaguta Museveni has assured Ugandans that the situation is still manageable if only the country followed instructions issued by the ministry on how to manage the deadly virus. In his third national address, in seven days and the second one since Uganda confirmed the landfall of the deadly disease, President Museveni warned businessmen, who are taking advantage of the desperate situation to hike prices, that their licenses will be canceled. “Crooks are hiking prices of food. I want to warn those people,…
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First of all, I would like to thank you and your cabinet- for the courageous leadership thus far- especially the decisions announced on March 18th 2020 which among others include the decision to temporarily disperse areas of population concentrations such as schools; religious, political and social gatherings, as well as travel restrictions on certain high risk countries. I do agree with you, that much as this may hurt the economy temporarily, it is necessary to shield the country from much bigger harm- should, God forbid Corona land in the country and, in your own words: “find plenty of dry grass…
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A day after the ministry of finance warned that COVID-19 related complications could borrowers from trade, tourism, transportation, and construction sectors experience difficulties in repayments, thus worsening banking industry non-performing loans from the current 4.7% to 5.9%, today, the central bank has weighed in with a promise to prop up banks with liquidity support amongst many other measures, should they require it. He, however, did not say where the central bank would be intervening to cut interest rates. In a statement released today, March 20th, 2020 by Prof. Emmanuel Tumusiime Mutebile, the Central Bank Governor, he said that although Uganda…
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The Uganda Minister of Finance, Planning and Economic Development has today told Parliament that Corona Virus Disease- COVID-19 will significantly affect Uganda’s economy, so much so that up to 2.6 million could sink bank into poverty depending on the severity of the disease. In his statement on the economic impact of COVID-19 on Uganda, presented to parliament today, Matia Kasaija, the Finance Minister said that the biggest impact will be on the services sector especially travel and tourism, including hotels and accommodation, adding that the resulting supply chain disruptions especially caused by travel restrictions will curtail import and export trade…
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Uganda is yet to register its first coronavirus case, but President Yoweri Kaguta Museveni has made a proactive move to close schools, suspend religious worship gatherings, entertainment get together as well. The move affects over 51,000 schools (Pre-primary, Primary, Secondary, University, and Tertiary) that Museveni said are points of population concentration, holding up to 15 million Ugandans. Likening the coronavirus to a fire, Museveni said that although Uganda had not reported any case of the virus yet, dispersing these centres of population concentration would deny the fire from finding a heap of dry grass ready to ignite. A firm but…
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