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It’s no longer a question of what, but when. The government of Uganda says it will gradually phase out small denomination paper notes as one of the measures to reduce the cost of printing and circulating money. This is the second time the Bank of Uganda is committing to the recommendations of the International Monetary Fund (IMF) to reduce the cost of money. “Given high currency printing costs, we have conducted a market study to compare printing costs, and a cost-benefit analysis of replacing low denomination banknotes with coins,” the government told IMF in June last year in a letter…
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Dr Michael Atingi-Ego has taken over office as Deputy Governor, Bank of Uganda (BoU) effective August 03, 2020, replacing Dr Louis Kasekende who handed over office in January this year. Dr Atingi-Ego, a seasoned economist assumed his role today following his appointment by president Museveni on April 23, 2020. Museveni had on 29th vetted his name for parliamentary approval as provided for in Article 161(3) of the Constitution of the Republic of Uganda and was cleared by Speaker of Parliament, Rebecca Kadaga who wrote to president Museveni clearing him for the No. 2 job at Bank of Uganda. In her…
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Ugandans have stashed record amounts of cash in banks, an indicator Ugandans feared to spend their money with the coronavirus uncertainty still hovering around. Bank of Uganda data shows that in May 2020, the amount that Ugandans had in banks as term deposits reached UGX8.5 trillion, the highest amount ever held there in a single month. Term deposits also referred to as fixed deposits are where one puts their money in the bank for a specified time and earn interest on it. Withdrawing the money before a specified time means one forfeits the promised interest which is currently between 4…
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1. What does Credit Relief mean? It is a re-organisation of a debt obligation through concessions or accommodations that provide borrowers with some form of relief in how and/or when they meet their debt obligation(s) to lenders. 2. What is the key objective of the Credit Relief Measures issued by the Bank of Uganda? The objective is twofold: (i) To enable borrowers cope with the adverse impact of the COVID-19 pandemic on their ability to repay loans; and (ii) To mitigate the risks faced by lenders that may arise from exposure to borrowers that are affected by the COVID-19 pandemic….
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Bank of Uganda has today issued guidelines to all supervised financial institutions, to operationalize the credit relief and loan restructuring measures announced in the Monetary Policy Statement of April 6, 2020. In a 14th April circular to all CEOs of Commercial Banks, Credit Institutions and Microfinance Deposits Taking Institutions, collectively known as Supervised Financial Institutions (SFIs), Dr. Adam Mugume, the Ag. Deputy Governor said that the guidelines shall be in effect for 12 months effective April 1st, 2020. The guidelines are applicable only to credit facilities not classified as loss as at 31st March 2020 and shall not be applicable…
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In exercise of the duties and powers of the Board under Section 10 of the Bank of Uganda Act (Chapter 51), the Board Members of the Bank of Uganda, at a Special Meeting held on 27th March 2020, unanimously resolved to designate Dr. Adam Mugume to perform the executive functions of the Office of the Deputy Governor until a substantive Deputy Governor is appointed. The appointment, according to a notice by James Kahooza, the presiding chairman of the meeting takes immediate effect. Dr. Mugume’s appointment follows the expiry of Dr. Louis Kasekende’s contract on January 14th, 2020 and the subsequent…
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