The Central Bank of Uganda (BOU) has indicated that the quoted lending rates for commercial banks rose in the three months to April, averaging 20.8 percent, just 20 basis points (0.2 percent) above the reading in the three months to January 2024. The details contained in the new BOU State of the Economy report shows that the weighted average shillings and foreign currency lending rates rose reflecting the increase of the Central Bank Rate (CBR) and the associated tight liquidity and financial conditions. The weighted average shilling lending rate reversed the downward trend observed since last year, rising to 17.7…
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Ugandans are set to earn big from gold sales as the Bank of Uganda (BOU) initiates a Domestic Gold Purchase Programme which is aimed at building the country’s foreign reserves and minimizing associated risks on reserves investments in the international financial markets. The gold purchase programme will involve purchasing gold directly from the artisanal and small scale miners, which also in part, is to support the miners’ livelihoods with a positive spill-over effect on other sectors of the economy in line with the Bank’s mission to support socio-economic transformation. BOU in consultation with relevant key stakeholders, released the details of…
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