It had earlier communicated that the governor, Emmanuel Tumusiime-Mutebile, is sick and was receiving treatment “in a Ugandan … 10 months ago. (adsbygoogle = window.adsbygoogle || []).push({}); Founded in 2016, Uganda Business News is an online news platform that reports differently. Banking sector could face loss of $140 million if three largest banks default. 05 Aug, 2019. This website uses cookies to improve your experience while you navigate through the website. Ugandan banks not yet out of the woods. 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). Here is what you need to know about the central bank’s move and what it means for Crane Bank and its customers. Necessary cookies are absolutely essential for the website to function properly. The latest figures from the Uganda Bureau of Statistics show that inflation is running below the bank’s medium term target of 5%. Bank of Uganda has allocated funds within its budget for procurement of General Materials for the FY 2013/14. 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 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. Governor The future of central banks and their role in economies must look beyond policy and embed a more direct social economic role. According to local reports, Mutebile’s contract was extended on the eve of Uganda’s parliamentary and presidential election last week. 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. 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. The Bank of Uganda, at the Monetary Policy Committee (MPC) meeting of December 2020 has maintained the Central Bank Rate (CBR) at 7 percent. Indeed, the high frequency indicators of economic activity in … In 1972, Mutebile was forced to flee Uganda after he gave a speech publically criticizing the expul… 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. It was gathered that the details of the extension were not released because of Internet […] 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. You also have the option to opt-out of these cookies. 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. 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. in Business, CEOs & Entrepreneurs,, News. 2,746 were here. We'll assume you're ok with this, but you can opt-out if you wish. *Updated on 5 April to add new meeting date. “BoU governor Prof. Mutebile took sick leave on Wednesday, March 25, 2020,” the bank said in a statement posted on social media on Wednesday. This website uses cookies to improve your experience. These cookies do not store any personal information. 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. Our goal is accurate analysis, continued coverage of stories that is not event-driven, and relevance. Sorry, your blog cannot share posts by email. Bank of Uganda - 37 - 45, Kampala Road, 256 Kampala, Uganda - Rated 4.4 based on 9 Reviews "The sky is the limit. We're sorry but new-vision-web doesn't work properly without JavaScript enabled. This, combined with the ‘already visible’ slowdown in economic activity gives the central bank considerable latitude to lower interest rates when it next meets. 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 … Page 1 of 1. External links. It had earlier communicated that the governor, Emmanuel Tumusiime-Mutebile, is sick and was receiving treatment “in a Ugandan medical facility”. (c) 2020 | Uganda Business News by Kabalega Media. Opportunity Bank Uganda Limited; Orient Bank; Stanbic Bank Uganda Limited; Standard Chartered Uganda; Tropical Bank; United Bank for Africa; See also. These cookies will be stored in your browser only with your consent. P.O. © 2018 TND News. EAC to Transform East African Payment System. Bank of Uganda maintains CBR at 10 percent in August 2019. Bank of Uganda adapting to the future - Dep. Adam Mugume has been appointed Acting Deputy Governor Bank of Uganda, watchdoguganda.com has learnt. Bank of Uganda (BoU) is the Central Bank of the Republic of Uganda which was opened on August 15, 1966. The statement was signed by Adam Mugume, the bank’s executive director for research. Gen. 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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.”. The central bank did not give a reason for the decision, which was posted on social media (and, later, on its’ website). The Central Bank has 9 branches across the country to ensure efficient service delivery and monitoring of the financial institutions. 1. 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. 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. 31 Jul, 2019. 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. 28 0. 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! This category only includes cookies that ensures basic functionalities and security features of the website. Bank of Uganda (BoU) is the Central Bank of the Republic of Uganda. Bank of Uganda News Service from EIN News. 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. 22 Jul, 2019. Banking in Uganda; List of Microfinance Deposit-taking Institutions in Uganda; List of licensed credit institutions in Uganda; References. Perform Search. 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 […] FILE PHOTO New law. Latest News on Bank of Uganda, Read more information on Bank of Uganda News; Searched "Bank of Uganda" Current News. Its last meeting was in February when the bank held interest rates steady, with the CBR at 9%. 01 Aug, 2019. 2. 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. Financial Stability. Share on Facebook Share on Twitter. We also use third-party cookies that help us analyze and understand how you use this website. A media brand of Great Lakes Centre For Strategic Media Studies. 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. News; COVID-19; Politics; Health; Africa; APO Wire; Business; Opinion; Sports; Contact Us; TND Latest. 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. 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. Markets; Economy; … Search news stories. Mobile: +256 777 776 920, +256 752 169 448 Previously Director of Research at Bank of Uganda, Dr Mugume will replace Louis Kasekende whose contract … Please enable it to continue. 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. Islamic Banking in Uganda. Strongly disregard the false and malicious story of his passing.”. Ugandan stress tests reveal banking sector vulnerabilities. Parliament approved a bill that will see all mobile money service providers acquire working licences from Bank of Uganda. Analysis, continued coverage of stories that is not event-driven, and press releases the number. Could face loss of $ 140 million if three largest banks default over of. Governor re-iterates BoU 's full support to the Central Bank governor Ating Ego, the Bank s... 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