External links. 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. Sorry, your blog cannot share posts by email. 10 months ago. This website uses cookies to improve your experience while you navigate through 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. © 2018 TND News. Bank of Uganda News Service from EIN News. Your Email: Join Today. 01 Aug, 2019. Governor The future of central banks and their role in economies must look beyond policy and embed a more direct social economic role. Opportunity Bank Uganda Limited; Orient Bank; Stanbic Bank Uganda Limited; Standard Chartered Uganda; Tropical Bank; United Bank for Africa; See also. Bank of Uganda maintains CBR at 10 percent in August 2019. 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! But opting out of some of these cookies may have an effect on your browsing experience. 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. Home; About; Search for: Facebook; Twitter; RSS; Uganda Business News Business news, analysis, comment, and data. EAC to Transform East African Payment System. 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. The latest figures from the Uganda Bureau of Statistics show that inflation is running below the bank’s medium term target of 5%. Banking in Uganda; List of Microfinance Deposit-taking Institutions in Uganda; List of licensed credit institutions in Uganda; References. Bank of Uganda (BoU) is the Central Bank of the Republic of Uganda which was opened on August 15, 1966. 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. Gen. 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It had earlier communicated that the governor, Emmanuel Tumusiime-Mutebile, is sick and was receiving treatment “in a Ugandan … According to local reports, Mutebile’s contract was extended on the eve of Uganda’s parliamentary and presidential election last week. Necessary cookies are absolutely essential for the website to function properly. Post was not sent - check your email addresses! 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 is “due to the evolving situation regarding the coronavirus (Covid-19) and the safety guidelines issued by the ministry of health”. Indeed, the high frequency indicators of economic activity in … 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.”. Parliament approved a bill that will see all mobile money service providers acquire working licences from Bank of Uganda. 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 has allocated funds within its budget for procurement of General Materials for the FY 2013/14. 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. P.O. *Updated on 5 April to add new meeting date. A media brand of Great Lakes Centre For Strategic Media Studies. (c) 2020 | Uganda Business News by Kabalega Media. Perform Search. 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 gets new Deputy Governor to replace Kasekende. Previously Director of Research at Bank of Uganda, Dr Mugume will replace Louis Kasekende whose contract … 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 […] We believe business journalism is more than events, conferences, and press releases. And, in none of the above, did the BoU officials follow the due process. “BoU governor Prof. Mutebile took sick leave on Wednesday, March 25, 2020,” the bank said in a statement posted on social media on Wednesday. In 1970, he joined Makerere University, where he was elected president of the University Students’ Guild. by Elisha Z. Bwanika. 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. Please enable it to continue. 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”. 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). The central bank did not give a reason for the decision, which was posted on social media (and, later, on its’ website). 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. Emmanuel Tumusiime Mutebile was born on 27, January 1949 in Kabale District, Western Uganda to a peasant’s family of nine children. Bank of Uganda - 37 - 45, Kampala Road, 256 Kampala, Uganda - Rated 4.4 based on 9 Reviews "The sky is the limit. Bank of Uganda (BoU) is the Central Bank of the Republic of Uganda. Share on Facebook Share on Twitter. UAE: Dubai Islamic Bank appoints Yahya Saeed Ahmad Nasser Lootah as vice-chairman of board of directors. 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). Islamic Banking in Uganda. “It … 15 Aug, 2019. (adsbygoogle = window.adsbygoogle || []).push({}); Founded in 2016, Uganda Business News is an online news platform that reports differently. You also have the option to opt-out of these cookies. The monetary policy committee meets once every two months to set the bank’s policy interest rate, the central bank rate. Mobile: +256 777 776 920, +256 752 169 448 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 … 1. 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. 31 Jul, 2019. Get News Stories Delivered to Your Inbox. BAHRAIN: Al Baraka Banking Group partners with Bahrain Bourse to launch Islamic commodity Murabahah financing service. The false claim that money was extracted from Crane Bank: 10. Markets; Economy; … Email: newsroom@tndnewsug.com 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 Governor re-iterates BOU's full support to the East African Monetary Union process. 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. These cookies do not store any personal information. According to the Deputy Central Bank governor Ating Ego, the evolution of technology means now and not tomorrow central banks must act. News; COVID-19; Politics; Health; Africa; APO Wire; Business; Opinion; Sports; Contact Us; TND Latest. It had earlier communicated that the governor, Emmanuel Tumusiime-Mutebile, is sick and was receiving treatment “in a Ugandan medical facility”. Latest News on Bank of Uganda, Read more information on Bank of Uganda 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. in Business, CEOs & Entrepreneurs,, News. 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. SAUDI ARABIA: Saudi regulator approves new products covering risks of event cancelations. It is mandatory to procure user consent prior to running these cookies on your website. Ugandan banks not yet out of the woods. 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. Bank of Uganda adapting to the future - Dep. Here is what you need to know about the central bank’s move and what it means for Crane Bank and its customers. 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. 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. It was gathered that the details of the extension were not released because of Internet […] Office: +256 771 556  792 Bank of Uganda ended weeks of speculation about Crane Bank, announcing on Thursday that it is taking over management of the lender. In June 2019, 7 directors of the bank were fired after accusations of … 2. We also use third-party cookies that help us analyze and understand how you use this website. 05 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. We'll assume you're ok with this, but you can opt-out if you wish. 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 Posts in tag Bank of Uganda Neocolonial Bank of […] SoftPower News is a subsidiary of SoftPower Communications LLC, a Ugandan digital media group. 18 Sep 2017. Ugandan stress tests reveal banking sector vulnerabilities. Stay on top of Uganda latest developments on the ground with Al Jazeera’s fact-based news, exclusive video footage, photos and updated maps. 28 0. Bank of Uganda cuts key lending rate to 7pc. BOX 441 Lira (U). 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. 2,746 were here. 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 statement was signed by Adam Mugume, the bank’s executive director for research. FILE PHOTO New law. 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. Adam Mugume has been appointed Acting Deputy Governor Bank of Uganda, watchdoguganda.com has learnt. Strongly disregard the false and malicious story of his passing.”. Its last meeting was in February when the bank held interest rates steady, with the CBR at 9%. 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%. 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