The Bank of Uganda (BoU) has in the April 2020 Monetary Policy Committee (MPC) meeting reduced the Central Bank Rate (CBR) by 1 percentage point to 8 percent, up from 9%. The CBR is a benchmark lending rate for commercial banks. In the Monetary Policy Statement for April issued this
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The Stanbic Purchase Managers Index (PMI) for March has recorded the first decline in activity. This is due to the global coronavirus disease 2019 (COVID-19) pandemic which has led to fall in new business, company shutdowns and issues with the supply of materials in, thus pushing the Ugandan private sector
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It’s a public secret that Uganda is one of the most enterprising countries in the world. To affirm this, a Ugandan Doctor, Dr. Abudallah Katongole has invented reusable medical overalls as the country battles deadly COVID-19 disease that is caused by the Corona Virus. With this innovation, health practitioners who
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Broadcasters in Uganda under their umbrella body, the National Association of Broadcasters (NAB) have condemned the brutality, harassment, and attack on ordinary Ugandans and journalists by security forces while enforcing the COVID-19 lockdown and curfew. It should be noted that on Monday, March 30, 2020, President Yoweri Museveni declared a
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The World Bank’s Board of Executive Directors Friday approved a first set of emergency support operations for developing countries around the world, using a dedicated, fast-track facility for COVID-19 (coronavirus) response. The first group of projects, amounting to $1.9 billion (Shs7.2trillion), will assist 25 countries, and new operations are moving
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Uganda’s Minister of Finance, Planning and Economic Development, Matia Kasaija (pictured) has revealed that Uganda has already applied for US$200 million (about Shs761.7bn) loan from the International Monetary Fund (IMF) and World Bank as a result of low revenues collected. The Minister made the remarks during Thursday’s plenary sitting. “Our
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After a string of losses in last couple of weeks, the local currency took a breather. The shilling stabilized, trading in a narrow range of 3785/3795 . Demand remained subdued amid tight liquidity conditions. As part of its open market operations, the Central Bank was in the market mopping up
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The Bank of Uganda is expected to issue the Monetary Policy Statement for the month of April tomorrow 3rd 2020. In February 2020, the Central Bank kept the Central Bank Rate (CBR), a key lending rate for commercial banks, unchanged at 9%. According to Stephen Kaboyo (pictured), an analyst and
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After 25 years of work as a top tier tax administrator, Doris Akol Thursday officially handed over the office of the Uganda Revenue Authority (URA) Commissioner General she has held for the last five years to John Rujoki Musinguzi. Speaking at the handover ceremony which took place in the Office
Read MoreBy AFP A six-week-old baby died of Covid-19 and global agencies warned of food shortages as coronavirus infections around the world neared one million Wednesday. Governments expanded lockdowns to affect about half of the planet, with funeral parties banned in the Democratic Republic of Congo, New York locking up its
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