Browsing: @BoU

Bank of Uganda Governor Dr Michael Atingi-Ego has paid an emotional but pointed tribute to the late Prof Emmanuel Tumusiime-Mutebile, calling him the architect of Uganda’s economic stability and a guiding force in moments of crisis. Speaking at the Tusiime Mutebile Annual Public Lecture at Makerere University, Atingi-Ego outlined how the central bank is now expanding Mutebile’s legacy through innovation—using digital tools, modern payment systems and fintech inclusion to strengthen Uganda’s economic resilience.

Uganda’s digital loan boom has made borrowing as simple as a tap on a phone—but convenience comes at a crushing cost. With interest rates soaring above 100 percent and unregulated lenders multiplying, families are losing land, friendships are collapsing, and borrowers are drowning in debt. What began as a lifeline is fast becoming a nationwide trap.

In Uganda’s Nakaseke district, dairy farmer John Vian has discovered that the secret to survival isn’t selling raw milk but transforming it into yoghurt. With one 20-liter jerrycan, he can triple his earnings, extending shelf life, stabilizing income, and branding his product for supermarket shelves. His story highlights the promise—and challenges—of value addition in Uganda’s dairy sector.

Uganda faces a surge in financial crimes, including billion-shilling cash heists, counterfeit currency scandals, and fraudulent schemes. Over just two days, incidents have shaken confidence in the financial sector, prompting calls for stronger safeguards. Experts warn that unchecked crimes could deter investment, weaken economic growth, and erode trust in banking institutions.

The Bank of Uganda has reduced the Central Bank Rate (CBR) by 25 basis points to 10.0%, signaling a cautious easing of monetary policy aimed at stimulating economic growth while keeping inflation in check. This decision comes as inflation remains below the central bank’s target, and the economy shows signs of recovery with GDP growth rebounding in recent quarters.

98% of Ugandans Have Less Than Shs 9 million in Banks

In the three months leading up to May, Uganda witnessed a notable surge in economic growth driven by increased consumption,…

KAMPALA: In a robust display of economic resilience, Uganda’s economy has been bolstered by significant inflows from Non-Governmental Organizations (NGOs)…

KAMPALA: In a strategic move, the Bank of Uganda (BOU) has initiated a Domestic Gold Purchase Program to build the…

Uganda’s inflation remains among the lowest in the region, averaging 3.2 percent over the twelve months leading to May 2024.…