Bank of Uganda – BOU has yet again increased Central Bank Rate – CBR to 10% from 9% where it has been for less than two months. Earlier in August this year the Central Bank announced the increment of the CBR by 50 basis points to 9% from 6.5% in a bid to manage inflation. Now, Michael Atingi-Ego, Deputy Governor, has revealed that at the Monetary Policy Committee (MPC) meeting held on 6 October 2022, the Bank of Uganda decided to once again increase the CBR to influence lending behaviour of commercial banks. He says that a combination of global…
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The Institute of Certified Public Accountants of Uganda – ICPAU, a national professional accountancy organisation has commemorated 30 years of existence. This was during the 27 ICPAU Annual Seminar held at the Imperial Resort Beach Hotel in Entebbe on Wednesday under the theme “resilience in a dynamic environment.” In his welcome remarks, CPA Derick Nkajja, the ICPAU Secretary and CEO noted that it has been on eventful period full of operational, physical, emotional, mental and social resilience. He said that over the last thirty years, they have been operating in a challenging environment- with the pandemic, the escalating cost of…
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The Bank of Uganda has increased the Central Bank Rate (CBR) by 50 basis points to 9 percent. The revelation was made by Michael Atingi-Ego – Deputy Governor in a Monetary Policy Statement for August 2022 on Thursday. “The economy continues to face strong cost-push inflation pressures from the external environment, dry weather conditions, and exchange rate depreciation amidst weak domestic demand. The annual headline and core inflation rose to 7.9 percent and 6.3 percent in July 2022 from 6.8 percent and 5.5 percent in June 2022, respectively. Annual food crop inflation continued to rise from 14.5 percent in June…
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15 Ugandan banks have signed onto the TradeClear platform to ease and boost interbank trade within the country. TradeClear is an interbank trading platform managed by financial services company Frontclear and is regulated by Bank of Uganda and overseen by the Uganda Bankers Association’s Treasurers Forum. The Ugandan interbank market has been limited to the top players because they lacked the risk appetite to deal with smaller banks. This in turn affected the level of credit the smaller banks could extend to their customers. L-R: BoU’s Deputy Director Financial Markets Arnold Bagubwagye, Frontclear CEO Philip Buyskes, Uganda Bankers Association (UBA)…
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The World Savings and Retail Banking Institute (WSBI) through its financial inclusion programme, Scale2Save, is holding a 2-day conference on 27 – 28th April 2022, at the Kampala Serena Hotel. The conference will discuss the importance of inclusive financial services for Ugandan women, youths and farmers as a way to foster economic recovery and growth. Scale2Save is a six-year programme of the World Savings and Retail Banking Institute in partnership with the Mastercard Foundation, aimed at establishing the viability of low-balanced savings accounts and unravelling the extent to which savings help vulnerable people in the society to boost their financial…
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The Deputy Governor Bank of Uganda (BoU), Michael Atingi-Ego has urged suppliers to embrace technology and invest in the required equipment, systems, and training because it will not be long before the Bank of Uganda’s procurement and disposal processes will be executed through the Government e-procurement portal. The Deputy Governor gave the remarks at the opening of the sixth annual Bank of Uganda Supplier Conference on the theme, Optimizing Supplier Performance in a Dynamic Environment. He said “We saw, during the lockdown, that firms, which had already gone digital managed to ensure business continuity, with the transition to working remotely…
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The Bank of Uganda has extended for six months effective April 1, 2021 the Credit Relief Measures that the banking industry offered their borrowers to help them overcome the impacts of the Coronavirus (COVID-19) pandemic on the economy.The Bank will also extend its financial support to financial institutions that may be in distress. In April 2020, Bank of Uganda (BOU) put in place Credit Relief Measures aimed at maintaining Financial Stability, and reducing the Economic Impact of COVID-19, especially due to the national lockdown.This came amidst fears that the private sector would not be able to pay back the loans…
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Rt. Hon Rebecca Kadaga the Speaker of Parliament and Chairperson of the Appointments Committee of Parliament has written to President Yoweri Kaguta Museveni, clearing seasoned economist and Bank of Uganda veteran, Dr. Micheal Atingi-Ego for the Deputy Governor job. Mr. Museveni on March 29th, 2020 appointed Dr. Atingi-Ego to the No.2 job at the central bank, subject to parliamentary approval as provided for in Article Article 161(3) of the Constitution of the Republic of Uganda. The article says that the Governor, the Deputy Governor and all other members of the board shall be appointed by the President with the approval…
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President Yoweri Kaguta Museveni has today made two significant appointments in the economy. He has appointed Dr. Michael Atingi-Ego as Bank of Uganda’s Deputy Governor, replacing Dr. Louis Kasekende whose contract expired on January 14th, 2020. He has also appointed, John Musinguzi Rujoki, his former Senior Presidential Advisor on ICT and Investment, as the new Commissioner General for Uganda Revenue Authority, replacing Doris Akol. It is however not clear why Doris Akol has been replaced since she had just started her second four-year term as the tax authority’s Commissioner-General. “By virtue of powers granted to me by the Constitution, I…
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