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Rwanda’s President, Paul Kagame has appointed Ms. Soraya Munyana Hakuziyaremye as the first female Governor of the National Bank of Rwanda, which is a promotion from her initial role of Deputy Governor since March, 2021. Prior to that, she served as Rwanda’s Minister of Trade and Industry from October 2018 to March 2021; where she oversaw the implementation of the “Made in Rwanda” policy, contributing to the 9% average annual growth of the industry sector and increase in exports. During her time as Minister of Trade, she also served as Chair of the East African Community Sectoral Council on Investment…
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In fact, it will be the first time the Central Bank has had a chairman in more than 36 months since Emmanuel Tumusiime Mutebile’s death on January 23, 2022. The Bank of Uganda has not had a governor—not even in acting capacity—which, in essence, means that the bank has not had a chairman, either. The Bank of Uganda board is constituted so that the governor is automatically the chairperson, who is deputised by the deputy governor. The board is also composed of five non-executive members and a board secretary, who, together with the chairman and his deputy, have the…
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Navigating inflationary waters Bank of Uganda Deputy Governor, Micheal Atingi- Ego shares the story of Uganda’s monetary policy in 2024, which he says was one of cautious optimism and strategic actions, which helped keep core inflation (excluding volatile items like food crops and energy) stable. The BoU began the year with a Central Bank Rate (CBR) of 9.5%, gradually increasing it to 10.25% by April, before cautiously easing it to 9.75% by November. This signalled a balanced approach to maintaining monetary stability amidst external and domestic challenges. Concerns about exchange rate volatility, driven by the repositioning of yield-seeking offshore investors…
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Bank of Uganda Deputy Governor, Micheal Atingi-Ego has exclusively revealed that it has recovered USD 8.2 million (UGX 30 billion) of the UGX 52 billion that was lost in a debt servicing transaction to the World Bank and the African Development Fund. Mr Atingi-Ego was responding to questions concerning the recent claims of a hack into BoU’s payment systems at the reading of the Monetary Policy Statement for December 2024. The payment transactions in question included a payment to the World Bank of US$6,1 (UGX 22 billion), which was instead paid to Roadway Co. Limited through MUFG Bank of Japan…
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