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In consultation with the Bank of Uganda, the Minister of Finance, Planning and Economic Development, Hon. Matia Kasaija, on 16th November 2022 signed a statutory instrument increasing minimum capital requirements for banks by 6 times or 500% from UGX25 billion (USD6.7 million) to UGX150 billion (approx USD40.2 million). The increment will however be tiered, starting with a minimum capital buffer of UGX120 billion (USD32.2 million) by the 31st of December 2022 and then UGX150 billion by the 30th of June 2024. Capital requirements for non-bank institutions were also increased by 25 times or 1900% from UGX1 billion (USD268,000) to UGX25…
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Uganda’s Minister of Finance, Planning and Economic Development, Hon. Matia Kasaija, on 16th November 2022 signed a ministerial instrument, increasing the minimum capital requirements for banks by 6 times or 500%. Capital requirements for non-bank institutions have also been increased by 25 times or 1900%. Uganda had not changed its minimum capital requirements since 2010 According to the Financial Institutions (Revision of Minimum Capital Requirements) Instrument, 2022, a copy of which this writer has seen, minimum capital requirements for commercial banks have been increased from UGX25 billion (USD6.7 million) to UGX 150 billion (approx USD40.2 million) by 30th June 2024….
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