Bank of Uganda declines to provide details on customer deposits, loans.

Bank of Uganda-BoU will not provide the Committee on Commissions, Statutory Authorities and State Enterprises- COSASE information regarding customer deposits and loan schedules because it contravenes the law. This was the position of the BoU Governor, Emmanuel Tumusiime Mutebile and his Deputy, Louis Kasekende when they appeared before COSASE, yesterday. The Committee has commenced investigations into the alleged irregular operations at BoU and the controversial closure and sale of commercial banks.  They are; Teefe Bank which was closed in 1993, International Credit Bank Ltd  in1998, Greenland Bank in1999, The Co-operative…

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Bank of Uganda bosses summoned over the 2017 forensic report

The Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) has summoned the Bank of Uganda (BoU) top management, to explain audit queries in the 2017 forensic report by the Auditor General. In the report, the Auditor General, John Muwanga, cites irregular operations at Bank of Uganda (BoU), including glitches in the closure and controversial sale of at least seven commercial banks. The affected include, Teefe Bank  which was closed in 1993, International Credit Bank Ltd (1998), Greenland Bank (1999), The Co-operative Bank (1999), National Bank of Commerce (2012), Global…

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Governor Bank of Uganda defends the floating of the Ugandan Shilling.

The Governor Bank of Uganda, Emmanuel Tumusiime-Mutebile, has defended, strongly, the floating of the Ugandan Shilling, saying it has made it one of few African currencies, floating freely on the market. A floating exchange rate is a regime where the current price is set by the forex market based on supply and demand compared with other currencies. This is in contrast to a fixed exchange rate, in which the government entirely or predominantly determines the rate. Responding to media concerns yesterday about the recent depreciation of the Shilling, trading in…

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Vice president Ssekandi flags off 120-acres solar project in Gomba

Vice President Edward Ssekandi has laid the first of the 68,000 modules of a pilot solar power park in Kabulasoke in the central district of Gomba. The project being done by Xsabo Group covers at least 120 acres. Last week, construction officially kicked off for a solar power plant that will be the largest in the region when it is commissioned by President Yoweri Museveni in November this year. Kabaka Ronald Mutebi of Buganda is expected to lay the last module. The 25MW project is estimated to cost $24.5m. It is the…

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Uganda’s domestic and external debt has hit 41.3 trillion Shillings.

Uganda’s domestic and external debt has hit 41.3 trillion Shillings. This is according to Uganda’s indebtedness status report presented on the floor of Parliament yesterday by the State Minister for Planning David Bahati to Parliament. According to Bahati, the external debt accounts to 27.3 trillion Shillings, while domestic debt alone is 13.3 trillion Shillings. He explained that the increase in public debt reflects the increased government budget priorities which he said have necessitated an increase in the level of government debt since Uganda’s tax revenue efforts have remained stagnate. He,…

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Enforcement Officers On The Spot Over Alleged Extortion

Kabale Butchers in Kabale municipality are accusing law enforcement officers and crime preventers attached to Kabale Municipality over alleged extortion and harassment. The butchers who include Charles Rwanika, Anthony Muhangi and Wilson Magadi, accuse the duo of impounding animals destined for the abattoir under the guise that they are stray animals in the town. The enforcement officers in conjunction with the crime preventers allegedly demand for shillings 100,000 shillings to release the impounded animals. Rwanika says that his five cows were impounded by crime preventers on Friday last week, when…

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Milk prices hike as drought hits Rwenzori

KABAROLE-Since November last year, most of the districts in the Rwenzori sub-region have been experiencing drought and this has affected milk production. As a result, milk prices have soared, especially in Fort Portal town. Farmers now move long distances with their animals in search of pastures and water due to their (farmers’) failure to adapt to new technologies of making hay and silage for the dry seasons. The grasses are dry and they cannot enable cows produce enough milk. Mr Bernard Tibesigwa, the production manager at Tooro dairy, an outlet…

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Financial firm ventures into education loans

In a bid to enhance literacy, Letshego Uganda has launched the Edu Solutions loan product designed to provide financial support to players in the education value chain. Speaking at the launch in Kampala on Monday, Letshego chief executive officer Geoffrey Kitakule said the product will not only help ensure good quality education in schools but also help in financing various school projects. Mr Kitakule added that he expects Edu Solutions loan to improve lives by ensuring provision and access to good quality education which is in line with the government…

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