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Its last meeting was in February when the bank held interest rates steady, with the CBR at 9%. 1. Post was not sent - check your email addresses! 2,746 were here. Page 1 of 1. This website uses cookies to improve your experience. Parliament approved a bill that will see all mobile money service providers acquire working licences from Bank of Uganda. 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. The false claim that money was extracted from Crane Bank: 10. Office: +256 771 556  792 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. The central bank did not give a reason for the decision, which was posted on social media (and, later, on its’ website). Banking sector could face loss of $140 million if three largest banks default. 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”. But opting out of some of these cookies may have an effect on your browsing experience. 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 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. These cookies do not store any personal information. 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. 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 Necessary cookies are absolutely essential for the website to function properly. 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 (BoU) is the Central Bank of the Republic of Uganda. 05 Aug, 2019. We'll assume you're ok with this, but you can opt-out if you wish. We believe business journalism is more than events, conferences, and press releases. Search news stories. Latest News on Bank of Uganda, Read more information on Bank of Uganda And, in none of the above, did the BoU officials follow the due process. EAC to Transform East African Payment System. Bank of Uganda maintains CBR at 10 percent in August 2019. 28 0. The Central Bank has 9 branches across the country to ensure efficient service delivery and monitoring of the financial institutions. Taking to their official twitter handle, Bank of Uganda released a statement signed by the Governor, Emmanuel Mutebile announcing the new members on board and included the dates when the two institutions started trading as commercial banks. Strongly disregard the false and malicious story of his passing.”. 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. Bank of Uganda ended weeks of speculation about Crane Bank, announcing on Thursday that it is taking over management of the lender. News; COVID-19; Politics; Health; Africa; APO Wire; Business; Opinion; Sports; Contact Us; TND Latest. 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. Stay on top of Uganda latest developments on the ground with Al Jazeera’s fact-based news, exclusive video footage, photos and updated maps. At the AFI Global Policy Forum held in Riviera Maya in Mexico in 2011, the Bank of Uganda was one of the original 17 regulatory institutions to make specific national commitments to financial inclusion under The Maya Declaration. 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”. Govt offering Umeme 10% return on investment in new concession Uganda’s tea attracts lowest price among EAC states Kenya makes U-turn on Uganda sugar, to import 90,000 tonnes In 1970, he joined Makerere University, where he was elected president of the University Students’ Guild. 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. 01 Aug, 2019. 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. Sorry, your blog cannot share posts by email. Emmanuel Mutebile will head the Bank of Uganda for another five years after his contract was extended by President Yoweri Museveni. In 1972, Mutebile was forced to flee Uganda after he gave a speech publically criticizing the expul… 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 … 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. 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. 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. 22 Jul, 2019. 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. “He is receiving treatment in a Ugandan medical facility and will resume duty as soon as he has recuperated. P.O. Posts in tag Bank of Uganda Neocolonial Bank of […] SoftPower News is a subsidiary of SoftPower Communications LLC, a Ugandan digital media group. 15 Aug, 2019. 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. Adam Mugume has been appointed Acting Deputy Governor Bank of Uganda, watchdoguganda.com has learnt. © 2018 TND News. Gen. 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Mobile: +256 777 776 920, +256 752 169 448 Islamic Banking in Uganda. BOX 441 Lira (U). KAMPALA – The Central Bank has granted license to two new commercial banks, a move that has seen Uganda’s banking sector grow to 26 banks at the moment. 18 Sep 2017. Financial Stability. 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. 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! It is mandatory to procure user consent prior to running these cookies on your website. Bank of Uganda has allocated funds within its budget for procurement of General Materials for the FY 2013/14. 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 cuts key lending rate to 7pc. It had earlier communicated that the governor, Emmanuel Tumusiime-Mutebile, is sick and was receiving treatment “in a Ugandan … A media brand of Great Lakes Centre For Strategic Media Studies. The statement was signed by Adam Mugume, the bank’s executive director for research. “It … 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. News; Searched "Bank of Uganda" Current News. According to local reports, Mutebile’s contract was extended on the eve of Uganda’s parliamentary and presidential election last week. 31 Jul, 2019. 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. This category only includes cookies that ensures basic functionalities and security features of the website. Please enable it to continue. It had earlier communicated that the governor, Emmanuel Tumusiime-Mutebile, is sick and was receiving treatment “in a Ugandan medical facility”. 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. According to the Deputy Central Bank governor Ating Ego, the evolution of technology means now and not tomorrow central banks must act. Here is what you need to know about the central bank’s move and what it means for Crane Bank and its customers. In addition, the central bank also announced that it is ready to intervene in the foreign exchange market to “smoothen out excess volatility arising from the global financial markets.”. Home; About; Search for: Facebook; Twitter; RSS; Uganda Business News Business news, analysis, comment, and data. 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. FILE PHOTO New law. Our goal is accurate analysis, continued coverage of stories that is not event-driven, and relevance. in Business, CEOs & Entrepreneurs,, News. 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. The Bank of Uganda, at the Monetary Policy Committee (MPC) meeting of December 2020 has maintained the Central Bank Rate (CBR) at 7 percent. The monetary policy committee meets once every two months to set the bank’s policy interest rate, the central bank rate. Indeed, the high frequency indicators of economic activity in … 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 […] Ugandan stress tests reveal banking sector vulnerabilities. BAHRAIN: Al Baraka Banking Group partners with Bahrain Bourse to launch Islamic commodity Murabahah financing service. The Central Bank has issued commercial banking licenses to two financial institutions, bringing the total number of commercial banks in Uganda to 26. 2. External links. Perform Search. 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%. Get News Stories Delivered to Your Inbox. Bank of Uganda adapting to the future - Dep. Us ; TND Latest 're ok with this, but you can opt-out if you.! Friday, just days after handing over, wrote to the East African Monetary process. A Ugandan medical facility ” head the Bank of the lender could face loss of 140. Two months to set the Bank ’ s contract was extended by President Yoweri Museveni signed. Steady, with the CBR at 9 % more information on Bank of the Students! 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