Just weeks after Bank of Uganda withdrew its UGX397 billion Supreme Court case against Dr. Sudhir Ruparelia and his Meera Investments Limited, today the Supreme Court handed the central bank, yet another defeat by dismissing its attempts to enter Crane Bank into liquidation. In a judgement made today, the Supreme Court ruled that Crane Bank (Under Receivership) was no longer a financial institution and therefore was outside the jurisdiction of the central bank. “The 1st respondent was closed as a financial institution and placed under receivership. Upon closure, it ceased being a financial institution under the Act (Financial Institutions Act…
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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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Government has refuted claims that any money is missing at Bank of Uganda but confirmed an investigation is going on to establish how illegitimate cargo, found itself on a chattered…
