The Uganda shilling weakened on the back of significant demand for dollars from commercial banks squaring their positions, and elevated import demand during the week ending 9th March 2018. Trading was in the range 3652/3662, ten shillings above last week's closing range. In the interbank money market, overnight funds traded
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Tanzania’s President John Magufuli has ordered the country’s central bank not to bail out any struggling banks as East Africa’s third-largest economy tries to control rising bad debts in the sector. A spike in non-performing loans over the past two years has hit local bank profits and choked off new
Read MoreUS Secretary of State Rex Tillerson has cancelled scheduled events in Kenya on Saturday because he is feeling poorly. "The secretary is not feeling well after a long couple days working on major issues back home such as North Korea," the state department said. Mr Tillerson, on his first official
Read MoreKenyan President Uhuru Kenyatta has held talks with opposition leader Raila Odinga in the capital Nairobi. This is the first time the two rivals are meeting since last year's contested elections. "Had the great pleasure of welcoming my brotherRaila Odinga to Harambee House where we had the opportunity for extensive discussions
Read MoreA Manchester-based author whose debut novel was initially rejected by British publishers has won one of the world's richest literary prizes. Jennifer Nansubuga Makumbi - who's from Uganda and moved to the UK 17 years ago - has won one of the Windham Campbell Prizes from Yale University in the
Read MoreTelecom giant, MTN, has announced that it has stopped selling SIM Cards in line with new guidelines by the Uganda Communication Commission (UCC). This announcement was made on Thursday evening indicating that the telecom company will install card readers at its different service centres to validate national identification data. " Effective
Read MoreThe African Development Bank and its East and North African Governors have stressed the need for urgent measures to match the continent’s growing population and youth unemployment, which they likened to a “ticking time bomb.” The meeting described the continent’s growing young population as a potential growth engine for the
Read MoreA number of KCB customers have raised concern over un-explained cash deductions on their bank accounts, even as the lender yesterday moved to assure clients that their money was safe, the Daily Nation reports. KCB Group customers have over the past week complained that their account balances were incorrect, with
Read MoreFinancial services group Britam is set to lay off 100 staff in a bid to cut costs. The firm said on Wednesday that it was implementing an early retirement plan mean to enable the firm “to remain agile, relevant and responsive to the changing market conditions.” Its financial advisors will
Read MoreAround 2,500 Burundian members of a Catholic sect have fled the Democratic Republic of Congo for Rwanda, the news agency AFP reports. The migrants, who follow the teachings of a female prophet called Zebiya, left Burundi claiming religious persecution. They had been receiving aid from the United Nations but this
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