The decision made on Friday by Supreme Court Justice Professor Lillian Tibatemwa Ekirikubinza follows a disagreement that has been on for six months between the Bank of Uganda and Sudhir Ruparelia on whether the final order that needs to be enforced should also reflect that the bank is reverted back to the businessman.
Nkojo died in November 2020 in Virginia, USA after being ill. Nkojo served as Central Bank Governor from May 1979 to September 1980, replacing Charles Nyonyintono Kikonyogo’s first brief stint at the helm of the bank. He had been working with the World Bank in Washington DC, USA.
Robinah Nabbanja, the Prime Minister said that she had taken note of the concerns by the MPs and requested parliament to allow her to consult and report back on their next course of action.
The officials appeared before the Anti-Corruption Court on May 2nd, 2019 for causing the bank a financial loss of more than Shillings 4 billion meant for different services and supplies involving Compulynx Uganda Limited, which was supposed to offer e-banking related services.
It adds that, “therefore, the question of time starting to run from the date of the final decision cannot arise in the circumstances since the final decision is not an issue before this court”.
After ordering the refund through the interface the ministry shares with the bank, Bigirimana notes that he authorizes BoU to send it to Stanbic Bank with which they have a Memorandum of Understanding and it's the one that sends the refund to people's mobile money numbers which are supposed to be registered in the applicants real names.
The trio has been in court for having allowed the inclusion of unauthorized cargo on a plane chartered by Bank of Uganda on its way between France, Belgium and Entebbe International Airport on April 26 2019.
According to Odoi in his affidavit URN has seen, unless court considers that there is good reason for extending the period within which the application shall be made, one cannot file such after three months after a decision has been taken.
Atingi-Ego recommends that in line with international best practice, the status quo should be maintained given that the current BoU board plays a dual role in public policy formulation and oversight.
Atingi-Ego together with the BOU Legal Counsel Margaret Kaggwa Kasule had today appeared before the Legal and Parliamentary Affairs Committee to respond to the proposed Constitutional Amendment Bill, 2020 introduced by Igara East MP, Michael Mawanda.
The legal Committee of Parliament has rejected a proposal to have the Deputy Governor Bank of Uganda (BoU) serve for a maximum two terms of 10 years while the Governor’s term is unlimited.
While scrutinising the Budget Framework Paper for the 2021/2022 financial year, MPs queried the allocation of another Shillings 481 billion towards the recapitalization of Bank of Uganda (BoU) for the second consecutive year.
The Pre-Election Economic and Fiscal Update issued by Moses Kaggwa, the Acting Director Economic Affairs says that the approved and disbursed loans led to a cumulative stock of 17.221 trillion in September, 2020.
Bank of Uganda in April 2020 granted permission to all banking institutions to provide credit relief through the restructuring of loans of both corporate and individual customers who were or would be affected by the COVID-19 pandemic.
According to the Central Bank Quarterly Financial Stability Review report, the Banking Sector remained adequately capitalized to absorb emerging shocks and that the capital increase was largely boosted by an improvement in aggregate profitability.
Domestic Borrowing is done through the issuance of government securities like treasury bills which are short term debt instruments with tenures ranging from 91, 182 and 364 days and treasury bonds with a maturity period of more than a year.
Suzan Kanyemibwa, the BoU Secretary and Head of Corporate Affairs says they chose to Focus on the health sector in this particular drive in order to ensure a healthy population, which is the backbone of economic productivity.
According to data provided by Bank of Uganda, the country shipped 3,012 kilograms of gold, a surge from the 2,470 kilograms in May and 1,180 kilograms exported in April. The volumes were even lower in February and March 2020. A lot of this gold went to the United Arab Emirates (UAE).
Bank of Uganda data shows that in May 2020, the amount of Ugandans have in banks as term deposits reached 8.5trillion shillings, the highest amount ever held there in a single month.
BOU says earnings from cross border trade dropped from USD 52 million (193.5 billion Shillings) in March 2020 to just USD 59,000 (219 million Shillings) at the end of May 2020. The main reason for the fall is that while those in formal-trade are being tested for Coronavirus Disease and cleared to keep taking out or bringing in goods, the informal traders don’t have this luxury and are stranded at home
