Nelson Bbosa, an expert in Non-Banking financial institutions at BoU, says that the BoU wants all money changers to come under regulations and if they are small to meet requirements, they should form associations.
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.
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 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).
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
BoU Governor Emmanuel Tumusiime Mutebile issued the warning on Thursday while appearing before Parliament’s National Economy Committee, where he was summoned to discuss the impact of the COVID-19 pandemic on the economy.
BoU Governor Emmanuel Tumusiime-Mutebile said even this growth will depend on how the economy is opened up from the lockdown imposed to stem the spread of coronavirus disease. It would also depend on how the public will comply with the social distancing rules to ensure cases don’t surge again calling for more lockdown, Mutebile said
In just one month between February and March 6, 2020, investors withdrew at least 165 billion Shillings from the country. Of this, at least 59 billion Shillings was in government securities, while 105.7 billion Shillings had been placed in commercial banks in the country as deposits.
Speaking through a webinar with the Rotary Club of Kampala South on Monday evening, Dr Tumubwine Twinemanzi, the BOU executive director for supervision, said banks have to earn interest on that money they lent out even when payments are frozen during the coronavirus crisis.
In the audited accounts for 2019, it was revealed that the bank had been undercapitalized up to a tune of 3.8 billion Shillings. This means Tropical had only 21.2 billion Shillings of the 25 billion minimum capital required.