Members of Parliament, sitting on the Legal and Parliamentary Affairs Committee have insisted the Governor and Deputy Governor of Bank of Uganda cannot also coccupy the offices of Chairman and Deputy Chairman of the central Bank’s board. The MPs, despite, contrary views from the Central Bank itself, have stuck to their guns, saying that maintaining the statusquo, would make the governor and deputy governor accountable to only themselves, which is a flaw in corporate governance. The MPs, who include, Hon. Abdu Katuntu, who chaired the 2018/19 probe into the Central Bank by the Parliament’s Committee on Commissions, Statutory Authorities and…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
Report of the Presidential Tripartite Committee What would you do in your first 48 hours as an Ag. Bank of Uganda Governor? Well, for Dr. Michael Atingi-Ego, who assumed office, only 5 months ago as Deputy Governor, his very first move within 48 hours was to shuffle 18 Deputy Directors and Assistant Directors. Just hours after Prof. Emmanuel Tumusiime Mutebile’s contract ended as Governor, Atingi-Ego, on January 13th, 2021 in a memo to all staff, transfer 14 Deputy Directors and 4 Assistant Director in various departments, a move he said, would increase “increase operational efficiency.” “I have agreed with the…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
News coming in from the President’s Office indicate that President Yoweri Kaguta Museveni has in line with Article 161(3) of the Constitution of the Republic of Uganda, reappointed Prof. Emmanuel Tumusiime Mutebile for another term as the Governor Bank of Uganda. The Governor is the Chief Executive Officer of the central bank and also chairs the Board, which is the highest governing authority of the bank. The Governor and deputy Governor each serve a renewable term on five years. Bank of Uganda, other than being Uganda’s central bank, it is also responsible for the formulation and implementation of the monetary…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
PostBank Uganda and UnionPay International, the world’s largest payment cards company, have unveiled UnionPay PostCard, a new payments and transaction card to enable the bank’s customers to conduct fast and safe cashless transactions across the world. With the UnionPay PostCard, PostBank customers can now transact at over 3,000 merchant points in Uganda and over 31 million merchants across 179 countries in the world. Unveiling the UnionPay powered debit card to the media today, Julius Kakeeto, the Managing Director PostBank said; “Today, we unveil a significant and highly prized asset because of its importance to our customers who have continued to…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
The Bank of Uganda in collaboration with the Ministry of Finance, Planning and Economic Development, has this afternoon announced that it has undertaken reforms to the Government securities market as part of the process of increasing efficiency and enhancing liquidity in the financial market. The announcement was made by Governor Emmanuel Tumusiime Mutebile who noted that these reforms have in part included automation of the auction processes to enhance efficiency and price transparency, which has increased the global visibility of Uganda’s financial markets. ‘’While these reforms have been successful in promoting a vibrant primary market, challenges nonetheless remain in the…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
The Bank of Uganda (BoU) has Monday morning released the Monetary Policy statement for August maintaining the Central Banking Rate at 7 percent. During the Monetary Policy Committee (MPC) meeting of August 2020, Governor Emmanuel Tumusiime-Mutebile confirmed that BoU has decided to maintain the CBR at 7%. The band on the CBR has also been maintained at +/-2% points while the margin on the rediscount rate and bank rate is unchanged at 3&4% points on the CBR, respectively. Furthermore, the rediscount rate and the bank rate have been maintained at 10 percent and 11 percent, respectively. Stephen Kaboyo, the Managing…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
Equity Bank Uganda has revised its prime lending rate (PLR) reducing it significantly from 22% to 20.5% with effect from September this year. “We would like to inform our members and the general public that in light of the market conditions, we are glad to advise that our Ugandan shilling Prime lending rates will be revised from 22% to 20.5% effective 1st September 2020,” said the bank in a recent statement. According to Equity Bank, the change in lending rates will apply to both existing and new loan facilities. Equity becomes the second bank to cut the lending rate after Stanbic,…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
