The trio has been in court for having allowed the inclusion of unauthorized cargo on a plane chartered by Bank of Uganda on its way between France, Belgium and Entebbe International Airport on April 26 2019.
According to Odoi in his affidavit URN has seen, unless court considers that there is good reason for extending the period within which the application shall be made, one cannot file such after three months after a decision has been taken.
Atingi-Ego recommends that in line with international best practice, the status quo should be maintained given that the current BoU board plays a dual role in public policy formulation and oversight.
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 legal Committee of Parliament has rejected a proposal to have the Deputy Governor Bank of Uganda (BoU) serve for a maximum two terms of 10 years while the Governor’s term is unlimited.
While scrutinising the Budget Framework Paper for the 2021/2022 financial year, MPs queried the allocation of another Shillings 481 billion towards the recapitalization of Bank of Uganda (BoU) for the second consecutive year.
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).
Bank of Uganda data shows that in May 2020, the amount of Ugandans have in banks as term deposits reached 8.5trillion shillings, the highest amount ever held there in a single month.
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
This trend, BOU says, has been observed since March 2019, a year before the coronavirus troubles came in. This means long before lockdown, many businesses and individuals were struggling to thrive.
The court found that Crane Bank majority shareholder were non-Ugandans based in Mauritius who under the land Uganda were not legible to holding freehold registered land.
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.
The lawyers led by Faisal Mularila and Alvin Jabbo noted that the decision to revoke the company's license stemmed from allegations by Bank of Africa against the bureau for alleged involvement in illicit transactions, which caused the bank a loss of colossal sums of money.
