Tag Archives: bank of uganda

  Kampala, Uganda | THE INDEPENDENT | Bank of Uganda has cut interest rates, a move expected to boost businesses’ borrowing and consequently lift growth. BoU Governor, Emmanuel Tumusiime-Mutebile announced on Monday that he was cutting the Central Bank Rate (CBR), which signals the direction of interest rates, from 10% …

Kampala, Uganda | THE INDEPENDENT | Banks in Uganda and other currency traders are awaiting directions on how they can proceed to trade Kenyan new currency notes. Kenya’s old 1,000 note stopped being legal tender on Monday 30 September 2019 and anyone who has it around the world will not …

Kampala, Uganda | THE INDEPENDENT | Opportunity Bank Uganda Limited has been granted a license to operate as a commercial bank by Bank of Uganda. This brings the number of commercial banks in the country to 25. According to a Bank of Uganda letter dated September 25, 2019, Opportunity bank …

Kampala, Uganda | THE INDEPENDENT | Bank of Uganda has asked businesses that accept electronic card payments to stop charging customers extra fees or surcharge other than that agreed up with service provider of the given payment card. BoU also says no business owner is allowed to set a minimum or …

Kampala, Uganda | THE INDEPENDENT | Uganda Law Society-ULS has rejected a proposal in the National Social Security Fund Amendment Bill, 2019 to allow the fund to lend money directly to government. The Bill seeks to among others amend the NSSF Act, 1985 to provide that the Board of Directors …

Kampala, Uganda | THE INDEPENDENT | The government has increased the deposit insurance limit from the current 3 million to 10 million shillings. This is the amount of money that is put aside to cater for misfortunes like the closure of a bank, as a guarantee that depositors can be …

Kampala, Uganda | THE INDEPENDENT | Bank of Uganda has issued stringent guidelines on the operations of staff in currency centres. In a letter dated September 2, 2019, BoU acting director of the currency directorate Dr Bazinzi Natamba said the guidelines are intended to mitigate risks and strengthen controls at …

  Kampala, Uganda | THE INDEPENDENT | The High Court Commercial Division has dismissed the  Crane Bank (in Receivership) suit against Sudhir Ruparelia and Meera Investments, with Justice David Wangutusi ruling that they have no legal basis to sue. The judge dismissed the suit on Monday over lack of legal basis …

Kampala, Uganda | THE INDEPENDENT | Bank of Uganda has forecast a likely rise in prices of goods and services in the months towards the general elections. According to BoU Governor Emmanuel Tumusiime-Mutebile, core inflation, which measures the increases in prices of goods and services less electricity, food and water, will peak …

Kampala, Uganda | THE INDEPENDENT | Bank of Uganda governor Emmanuel Tumusiime-Mutebile has decried the tardiness in hitting key targets to achieve a single currency for the East African Community bloc by 2024. The East African Monetary Union Protocol, signed in 2013, set 2024 as the year to have all …