Kampala, Uganda | THE INDEPENDENT | The Anti-Corruption Court has remanded eight people for causing financial loss to the government. According to the prosecution, Accountant General Lawrence Ssemakula, Commissioner Treasury Services Jenifer Muhuruzi, and the senior IT officer Yawe Tonny being employed in the Ministry of Finance neglected to put in …
Read More »
Kampala, Uganda | THE INDEPENDENT | The Accountant General Lawerence Semakula and eight others have been arrested following the disappearance of $17M (UGX60B) from the Bank of Uganda (BOU). Money mysteriously disappeared from BOU in September 2024 and ended up in foreign accounts in The United Kingdom (UK) and Asian …
Read More »
KAMPALA, UGANDA | THE INDEPENDENT | The Bank of Uganda has reduced the frequency of the review of the Central Bank Rate, to allow for more comprehensive economic analysis and enhanced forecasting accuracy. This, the Bank says, will in turn enable the management to “build upon our established track record of …
Read More »
Potential global inflationary pressures, geopolitical tensions, and tightening global financial conditions could pose upside risks to inflation Kampala, Uganda | THE INDEPENDENT | Uganda’s central bank has opted to maintain the Central Bank Rate (CBR) at 9.75%, signaling confidence in the stability of domestic inflation and economic activity despite global …
Read More »
KAMPALA, UGANDA | THE INDEPENDENT | Uganda is in a wait-and-see mode ahead of Donald Trump’s assumption of the US presidency next month. While Uganda’s trade with the US is minimal compared to global trade, the country has interests like worker’s remittances, and cash inflows in the form of development aid, …
Read More »
Kampala, Uganda | THE INDEPENDENT | The State Minister of Finance, Henry Musasizi, has spoken out on the money heist at the Bank of Uganda (BOU) in which over 60 billion shillings was reportedly siphoned from the institution’s accounts in September this year and channeled to foreign accounts. …
Read More »
Kampala, Uganda | THE INDEPENDENT | The banking industry registered some strength towards the end of the financial year 2024, despite the closure of two Tier II lenders in the last half of the year. EFC Uganda Limited was closed in January and Mercantile Credit Bank Uganda in June 2024, …
Read More »
Kampala, Uganda | THE INDEPENDENT | Uganda’s central bank reduced its key lending rate by 25 basis points to 10.00% on August.07, saying inflation risks had eased somewhat and it was appropriate to reduce the degree of monetary policy restrictiveness. The decision by the Bank of Uganda comes despite a slight …
Read More »
Kampala, Uganda | THE INDEPENDENT | The Bank of Uganda has reduced is base interest rate for the first time since April this year, from 10.25 to 10 percent as inflation seems tamed. BoU’s policy targets an inflation rate of not more than 5 percent in the medium term, and in …
Read More »
The financial regulator is in consultation to begin purchasing locally produced gold to bolster its foreign reserves and address challenges in international financial markets Kampala, Uganda | THE INDEPENDENT | Uganda’s central bank has urged borrowers to prepare for high interest rates due to tightening financial conditions and increased government borrowing …
Read More »
The Independent Uganda: You get the Truth we Pay the Price