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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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A number of Members of Parliament sitting on the Budget Committee are against Government’s recapitalisation of the Central Bank unless the central bank explores other monetary policy tools beyond the trading in securities that have turned loss making. The MPs who include: Butambala County Hon Muwanga Kivumbi and Dokolo Woman Mrs Cecilia Ogwal in their minority report of the Budget Committee on the National Budget Framework Paper for the Financial Year 2020/21 to FY 2024/25 observed that the chronic continuous recapitalization of the Central Bank is starving other critical government programmes like Health Education and Industrialization of the much needed…
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Absa Bank Uganda, a subsidiary of Absa Group Limited has today received the license to operateand trade under its new name from Bank of Uganda. Formerly known as Barclays Bank Uganda, the name change marks the start of a new era for the bank’s operations, one that sees the realisation of an ambition to become an independent African bank. The license was officially handed over to the bank’s Managing Director, Nazim Mahmood by Prof. Emmanuel Mutebile, Governor, Bank of Uganda at the Central Bank head office. “Today we begin a new chapter as Absa Bank Uganda Limited, adopting our parent…
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Bank of Uganda (BoU) is undercapitalised to a tune of UGX671.712Billion According to the Auditor General, John Muwanga this poses a risk to the Central Bank’s operations. Auditor General, John Muwanga says this financial position poses a risk to the Central Bank’s operations The details of the Central Bank’s woes are contained in the 2018/2019 audit report of Bank of Uganda which carries queries that were raised by the Auditor General’s team. The audit report highlighted that as per the Bank of Uganda Act, Section 14 (3), the issued and paid up capital of the Bank shall be a minimum…
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