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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Bank of Uganda (BoU) has dismissed the false information circulating on different media platforms claiming that the banknotes bearing the signature of the Late Prof. Emmanuel Tumusiime-Mutebile, the former Governor, expired or shall soon expire and cease to be legal tender. Prof. Mutebile died on January 23, 2022 in Nairobi Hospital where he had been admitted for some time. Mutebile was until his death a Ugandan economist and banker and the country’s longest-serving governor of the central bank of Uganda. In a February 02-statement issued the Central Bank clarifies that; The change of the office bearer or the demise of…
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At exactly 5.30am on Sunday morning January 23rd 2022, the governor of the Bank of Uganda, Emmanuel Tumusiime-Mutebile, breathed his last in a Nairobi hospital. He had been battling illness for several years. While Mutebile’s body has died, his deeds will continue to live in the memory of those he impacted and in the consequences of his decisions and actions. This is because at the end of our lives, a question stands: what did you do with your life? For many, a good and fulfilling life is service to themselves and their families. For others, a life well lived is…
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‘Profoundness’ is not an everyday word in our vocabulary. It comes to mind because I flew to Nairobi last week purposely to visit a special friend at the Nairobi hospital, Emmanuel Tumusiime Mutebile. A man of profound wisdom “Profoundness is the characteristic of being full of meaningful insight”. That was my friend and elder Emmanuel Tumusiime. Another powerful description often misused except in his case is ‘Reliability’. The true meaning of Reliability, and I mean it with a capital ‘R’ is one that describes this special friend to so many of us whose time has come to move on. The…
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Emmanuel Kirenga Baryabota Tumusiime Mutebile was born on 27th January 1949 Education background After attending Primary School at Kigezi High School and Secondary School at Kigezi College Butobere and Makerere College School, Mutebile was admitted at Makerere University in July 1970 to study Economics and Political Science. In October 1972, he fled the country before completing his degree when, as President of Makerere University Students’ Guild, he was persecuted by Idi Amin In December 1972, he was admitted to Durham University in their Second Year Joint Honours Course in Economics and Political Science, graduating in June 1974 with a Bachelor…
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Prof. Emmanuel Tumusiime-Mutebile, Bank of Uganda’s longest-serving Governor and Chairman of the Board of Directors, since 2001, has died. He was aged 72 years. Born on January 27th, 1949, he has died 4 days before his birthday. Details of his passing are yet to unveil, but according to various sources, he has been unwell and admitted to Aghakhan Hospital, Nairobi on life support. He passed on around 05:00 am this morning. A few weeks ago, he was evacuated to Nairobi by air ambulance, in very critical condition. A seasoned professional economist and reformer, he spearheaded the design and implementation of…
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The Bank of Uganda (BoU) at the Monetary Policy Committee meeting of December 2021, maintained the Central Bank Rate (CBR) at 6.5%. The Central Bank says maintaining the CBR at 6.5% is meant to meet the inflation target of 5 per cent in the medium term. In a monetary policy statement, BoU Governor Emmanuel Tumusiime Mutebile, said economic activity is gradually normalizing after the second wave of Covid-19, and the high-frequency indicators of economic activity for October and November 2021 suggest that the economy had considerable momentum into the fourth quarter. “Although resurgence of the Covid-19 variants has undoubtedly clouded…
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Bank of Uganda has approved requests by financial institutions and empowered them on a 3rd restructure for credit facilities to customers who have been impacted by Covid-19 In a circular by Governor Emmanuel Tumusiime Mutebile to chief executives of Commercial banks, Credit facilities, Microfinance Deposit-taking Institutions, the Central Bank states: “Reference is made to the Guidelines on Credit Relief and loan restructuring measures issued vied circular dated 14th April 2020 Ref: DGV 121. Particular attention is drawn to the General Provision Section 1(a) second sentence that states as follows; Any SFI, may on application to BoU, request for further restructuring(s)…
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By Damalie Tibugwisa There is no doubt that mobile money services have transformed and revolutionalised the financial sector in Uganda. Mobile money has created new opportunities especially for SMEs, supported the much needed financial inclusion especially in the informal sector that is largely unbanked. However, at the same time, the gaps in regulatory framework have led to the increased orchestration of cybercrimes like fraud, identity theft or impersonation and also allowed the telecoms to profit from unfair and obscure rates and charges for their services. Although the advent of mobile money services in Uganda was in 2009, until recently, there…
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Bank of Uganda (BoU) has reduced the Central Bank Rate (CBR) by 0.5 percentage point to 6.5 percent, the Monetary Policy Statement for June 2021 says. According to the Central Bank, the aim of reducing the CBR is to boost the economy, which has stagnated due to the disruptions presented by the COVID-19 pandemic. BoU Governor Emmanuel Tumusiime Mutebile, in the statement issued on June 16, 2021, said: “Monetary Policy Committee (MPC) of June 2021, noted that economic developments have been broadly in line with the outlook in the April Monetary Policy Report (MPR). High frequency indicators of economic activity…
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