Bank of Uganda maintains CBR at 10 percent in August 2019. According to the Deputy Central Bank governor Ating Ego, the evolution of technology means now and not tomorrow central banks must act. Ugandan stress tests reveal banking sector vulnerabilities. These cookies do not store any personal information. Markets; Economy; … © 2018 TND News. The monetary policy committee meets once every two months to set the bank’s policy interest rate, the central bank rate. The MPC noted that since the last meeting in October 2020, the economic recovery has gradually gained traction, in line with projection for economic growth of above 3 percent in FY2020/21. Dr Louis Kasekende, who has served for a decade as the Deputy Governor Bank of Uganda has formally signed out, wishing “success for the future” and “God’s blessings” to the Bank’s staff. These cookies will be stored in your browser only with your consent. The real impact of COVID-19 pandemic on banks will be seen in the second or third quarter of next year Kampala, Uganda | ISAAC KHISA | Ugandan commercial banks may believe that they are headed for recovery amid the … But many of the assumptions behind the Bank of Uganda’s February decision have been upended by the global spread of the Covid-19 coronavirus outbreak, including to Uganda. The BoU will also widen the ban around the CBR to 400bps (keeping 7-day interbank rates within that band), and set the September Rediscount Rate at 21% and the Bank Rate at 22%. 10 months ago. 22 Jul, 2019. In the space of 10 years, BoU officials had with reckless abandoned closed Teefe Bank (1993), International Credit Bank Ltd (1998), Greenland Bank (1999), the Co-operative Bank (1999), National Bank of Commerce (2012), Global Trust Bank (2014) and Crane Bank Ltd (CBL). On Thursday, BoU said the press conference that follows the monetary policy committee would be held online through a Facebook Live stream, not at the bank as is custom. Necessary cookies are absolutely essential for the website to function properly. Parliament approved a bill that will see all mobile money service providers acquire working licences from Bank of Uganda. Tumusiime Mutebile attended Kigezi College Butoberefor his O-Level studies (grade S1-S4) after he joined Makerere College School in Kampala for his A-level studies (grades S5-S6). by Elisha Z. Bwanika. Gen. 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UAE: Dubai Islamic Bank appoints Yahya Saeed Ahmad Nasser Lootah as vice-chairman of board of directors. Perform Search. Bank of Uganda alleges (without evidence or any rationale) that it injected 497 billion into Crane Bank and has failed to account for it as shown by both the COSASE and Auditor General’s Reports. Islamic Banking in Uganda. Banking sector could face loss of $140 million if three largest banks default. Please enable it to continue. Previously Director of Research at Bank of Uganda, Dr Mugume will replace Louis Kasekende whose contract … By BERNARD BUSUULWA More by this Author Days before the reading of the National Budget for the 2020/21 fiscal year, Uganda’s central bank slashed its key policy rate by one percentage point to seven per cent on June 8, which is expected to revive a … Your Email: Join Today. Musasizi said the new law will now provide for electronic money issuance and circulation and how the issuance of mobile money will be licensed, supervised and regulated. This website uses cookies to improve your experience. In 1972, Mutebile was forced to flee Uganda after he gave a speech publically criticizing the expul… This is “due to the evolving situation regarding the coronavirus (Covid-19) and the safety guidelines issued by the ministry of health”. “BoU governor Prof. Mutebile took sick leave on Wednesday, March 25, 2020,” the bank said in a statement posted on social media on Wednesday. Financial Stability. Office: +256 771 556  792 Bank of Uganda postpones monetary policy meeting to Monday [Update], Click to share on Twitter (Opens in new window), Click to share on WhatsApp (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to email this to a friend (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on Pocket (Opens in new window), Click to share on Telegram (Opens in new window), Click to share on Skype (Opens in new window), Click to share on Tumblr (Opens in new window), Click to share on Pinterest (Opens in new window), Economy gets off to a slower start in 2019, Bank interest rates and charges — as at 1 January 2020, Uganda Clays sustains momentum, reports Shs2.39bn profit, Circulation falls for Uganda newspapers in fourth…, MTN Uganda profits surge on subscriber growth, inflation is running below the bank’s medium term target of 5%, Museveni replaces Doris Akol as URA head, appoints new BoU deputy governor, Agriculture: Stronger rural-urban linkages needed for development, says BoU governor. The central bank did not give a reason for the decision, which was posted on social media (and, later, on its’ website). Search news stories. The Bank of Uganda, at the Monetary Policy Committee (MPC) meeting of December 2020 has maintained the Central Bank Rate (CBR) at 7 percent. Post was not sent - check your email addresses! 2. Its last meeting was in February when the bank held interest rates steady, with the CBR at 9%. Ugandan banks not yet out of the woods. Bank of Uganda ended weeks of speculation about Crane Bank, announcing on Thursday that it is taking over management of the lender. Stay on top of Uganda latest developments on the ground with Al Jazeera’s fact-based news, exclusive video footage, photos and updated maps. We'll assume you're ok with this, but you can opt-out if you wish. But these are not normal times at the central bank and speculation has mounted that Museveni is now ready to move to fix things at the central bank. Mobile: +256 777 776 920, +256 752 169 448 Sorry, your blog cannot share posts by email. In line with measures to prevent the spread of the coronavirus, the usual press briefing held to explain the bank’s policy decision will not be held. BOX 441 Lira (U). The statement was signed by Adam Mugume, the bank’s executive director for research. The Bank of Uganda increased its new monetary policy interest rate (the central bank rate [CBR]) by 200 basis points to 16.00% from 14.00% previously. We also use third-party cookies that help us analyze and understand how you use this website. The Bank of Uganda has called off its monetary policy committee meeting which was scheduled for Friday and said it will communicate a new date “soon”. Bank of Uganda has allocated funds within its budget for procurement of General Materials for the FY 2013/14. Banking in Uganda; List of Microfinance Deposit-taking Institutions in Uganda; List of licensed credit institutions in Uganda; References. Kasekende on Friday, just days after handing over, wrote to the Central Bank staff bidding them farewell. In 1970, he joined Makerere University, where he was elected president of the University Students’ Guild. It had earlier communicated that the governor, Emmanuel Tumusiime-Mutebile, is sick and was receiving treatment “in a Ugandan medical facility”. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. The Central Bank has 9 branches across the country to ensure efficient service delivery and monitoring of the financial institutions. Emmanuel Mutebile will head the Bank of Uganda for another five years after his contract was extended by President Yoweri Museveni. We believe business journalism is more than events, conferences, and press releases. Bank of Uganda adapting to the future - Dep. Bank of Uganda gets new Deputy Governor to replace Kasekende. “It … Get News Stories Delivered to Your Inbox. BAHRAIN: Al Baraka Banking Group partners with Bahrain Bourse to launch Islamic commodity Murabahah financing service. Speaking at the Digital Financial Literacy summit, the director National Payment Systems Bank of Uganda, Mackay Aomu says that from the regulatory perspective, working with the ministry of finance […] This, combined with the ‘already visible’ slowdown in economic activity gives the central bank considerable latitude to lower interest rates when it next meets. Bank of Uganda on Monday cut its benchmark lending rate by 100 basis points to 14%, citing an improved near-term inflation outlook and the need to stimulate private sector credit growth. Governor re-iterates BOU's full support to the East African Monetary Union process. Email: newsroom@tndnewsug.com Update: The Bank of Uganda’s monetary policy committee will meet on Monday, 6 April, according to an email sent by its head of media relations, Sylvia Juuko, on Saturday. But opting out of some of these cookies may have an effect on your browsing experience. Bank of Uganda News Service from EIN News. (adsbygoogle = window.adsbygoogle || []).push({}); Founded in 2016, Uganda Business News is an online news platform that reports differently. Bank of Uganda cuts key lending rate to 7pc. in Business, CEOs & Entrepreneurs,, News. It is mandatory to procure user consent prior to running these cookies on your website. The latest figures from the Uganda Bureau of Statistics show that inflation is running below the bank’s medium term target of 5%. Home; About; Search for: Facebook; Twitter; RSS; Uganda Business News Business news, analysis, comment, and data. Opposition will be routed at the polls—NRM’s Odongo Lango; Uganda needs truth and truce in 2021—the clergy should lead us; They have excelled! Governor The future of central banks and their role in economies must look beyond policy and embed a more direct social economic role. It had earlier communicated that the governor, Emmanuel Tumusiime-Mutebile, is sick and was receiving treatment “in a Ugandan … 10/29/2020 East African Foreign Reserves Stagnate, as Currencies Face Decline Against Dollar 01/13/2019 Uganda’s Parliament Attempts to Root Out Corrupt Practices at Central Bank 09/12/2011 Uganda Creating Petroleum Fund. 2,746 were here. According to local reports, Mutebile’s contract was extended on the eve of Uganda’s parliamentary and presidential election last week. The central bank did not give a reason for the decision, which was posted on social media (and, later, on its’ website). Bank of Uganda Governor Emannuel Tumusiime Mutebile on Friday said his staff had reported an anomaly in the inventory of the expected consignment on April 27, prompting him to request the Anti-Corruption Unit of State House to investigate the matter. External links. Exclusive:”Museveni to Appoint Dr. Simon Kagugube As New Governor Bank of Uganda” BY: Eyalama In Business On January 2, 2019 Reports coming in indicate that President Yoweri Museveni has already named the successor of the current embattled Bank of Uganda (BOU) Governor, Prof.Tumusiime-Mutebile and he will be be replaced by Simon Kagugube, the the executive director Centenary Bank. Government should join hands with the financial sector to strengthen rural-urban linkages and link local agriculture firms to external buyers and retailers, A slowdown in the rise of food prices was responsible for the drop in the increase of Uganda consumer prices in November to their lowest level since March 2015, according to figures from the statistics bureau. A media brand of Great Lakes Centre For Strategic Media Studies. 28 0. (c) 2020 | Uganda Business News by Kabalega Media. This is to inform applicants for the position of Nurses and Laboratory Technician that were advertised on the Bank of Uganda website and in the print media (Daily Monitor and New Vision on 20 th and 23 rd November 2020, respectively) that the closing date for receiving applications has been extended from Friday 4 th December 2020 to Friday 18 th December 2020. You also have the option to opt-out of these cookies. Indeed, the high frequency indicators of economic activity in … It is 100% owned by the Government of Uganda but it is not a government Department hence giving it the capacity to make independent sound decisions. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. The Central Bank has issued commercial banking licenses to two financial institutions, bringing the total number of commercial banks in Uganda to 26. Bank of Uganda - 37 - 45, Kampala Road, 256 Kampala, Uganda - Rated 4.4 based on 9 Reviews "The sky is the limit. FILE PHOTO New law. 1. The government has since lowered its forecast for economic growth in 2019/2020 from 6% to 5.7% due to the disruptions caused by the outbreak. *Updated on 5 April to add new meeting date. This category only includes cookies that ensures basic functionalities and security features of the website. The Bank of Uganda has called off its monetary policy committee meeting which was scheduled for Friday and said it will communicate a new date “soon”. The false claim that money was extracted from Crane Bank: 10. “He is receiving treatment in a Ugandan medical facility and will resume duty as soon as he has recuperated. And, in none of the above, did the BoU officials follow the due process. Emmanuel Tumusiime Mutebile was born on 27, January 1949 in Kabale District, Western Uganda to a peasant’s family of nine children. 05 Aug, 2019. We're sorry but new-vision-web doesn't work properly without JavaScript enabled. Ugandan networks block The Elephant news website before election Committee to Protect Journalists 11:54 21-Jan-21 Mikael Hafstrom gives us another sci-fi movie The Observer, Uganda 11:46 21-Jan-21 Polls were free, fair and peaceful, Uganda tells diplomats The East African 11:45 21-Jan-21 Strongly disregard the false and malicious story of his passing.”. SAUDI ARABIA: Saudi regulator approves new products covering risks of event cancelations. Bank of Uganda (BoU) is the Central Bank of the Republic of Uganda which was opened on August 15, 1966. BY: Eyalama In Business, News On August 14, 2020 Bank of Uganda has named commercial banks charged borrowers lowest rates between January and June 2020, effectively making them the cheapest lenders for debtors to run to. EAC to Transform East African Payment System. By Deo Wasswa Bank of Uganda reveals that the necessary regulatory framework and payment strategy to accelerate use of digital finance platforms is in the offing. 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