Leaders in the banking industry say that they have failed to identify people who qualify for the government’s COVID-19 relief fund meant for small and medium enterprises. It comes a few days after the Bank of Uganda revealed that only Shillings 6 billion out of the Shillings 200 billion Small Business Recovery Fund (SBRF), which was…
An ongoing major restructuring at the Bank of Uganda (BoU) has sparked unease, with some insiders claiming position merger and demotion recommendations appear targeted to purge loyalists of former Governor Tumusiime Mutebile. The Central Bank’s spokesperson, Ms Charity Mugumya, withheld comments on the exercise that she said was still “ongoing”. “Communication will be made to…
Since being appointed the Bank of Uganda (BoU) Deputy Governor and has been acting as Governor, Michael Atingi-Ego has now raised the indicative Central Bank Rate (CBR), twice to the current 8.5 per cent, encouraging commercial banks to also raise interest rates for borrowers. Ugandan borrowers are not happy that BoU continues to raise the…
President Museveni’s failure to appoint a new Governor for the Bank of Uganda has left the institution exposed. Deputy Governor Michael Atingi-Ego has reportedly failed to stamp his authority on the institution which has been running under the leadership of the late Prof. Emmanuel Tumusiime Mutebile, an economist with a no-holds-barrel approach to handling the…
Bank of Uganda has decided to raise the Central Bank Rate by a percentage point to 8.5 percent as part of emergency measures against the spiraling inflation. This was decided at Tuesday’s emergency Monetary Policy Committee meeting called by the Central Bank Deputy Governor, Michael Atingi-Ego to respond to a situation that has seen prices of…
The Bank of Uganda has tasked the National Social Security Fund-NSSF to ensure there are no cases of cyber fraud as the fund launches a three-in-one social security smart card. With the card, the fund’s qualified members will be able to directly withdraw their NSSF savings, deposit and withdraw money from their bank accounts, pay…
Bank of Uganda is seeking the intervention of Parliament to ensure that regulations regarding governance and supervision of the financial sector are given urgent attention. The bank officials made the proposal while meeting MPs from different committees of parliament on Friday. Led by Deputy Governor Michael Atingi-Ego, the Central Bank officials held a workshop with…
