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.
Ruhinda North MP Thomas Tayebwa says that many businesses are facing challenges accessing loans because of the COVID-19 risks, and fears that as the government moves to borrow, many banks will withhold money from Ugandans with the hope of lending to the government.
In a statement, UBA is now rallying all government business facilitation agencies like Uganda Revenue Authority, Uganda Investment Authority, the Ministry of Finance and the Judiciary, as well as private-sector agencies to join "join us in addressing the implications of the judgement and assist in avoiding the adverse effects" of the judgement on the economy and the country.
Mobile money transactions grew by 19.3 per cent to almost 80 trillion Shillings, and of this, 41 trillion was recorded between January and June, half of the year during which the country went into a lockdown. The Escrow account balances, or money belonging to mobile money customers, whether saved or not yet withdrawn, grew by 51 per cent, while the value of debit and credit card transactions also rose 20 per cent.
According to the Association’s Executive Director Wilbrod Owor, in the first month of restructuring, commercial banks received more than 750,000 restructuring applications. Of these, 755,000 requests worth 2.028 trillion Shillings were approved.
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.
In a letter to the chief executives of commercial banks, credit institutions, and microfinance deposit-taking institutions, BOU said “Current projection and market intelligence indicates that Covid-19 pandemic might in the near term potentially lead to a double-digit decline in real estate valuations.”
The Microfinance State Minister, Haruna Kasolo Kyeyune told Parliament that he has alerted the president on the matter and will respond soon. He also allayed the fears of the legislators, saying all is moving on well in the Central Bank.
The Bill seeks to amend the Constitution following a resolution by Parliament on 28th February 2019 which sought to remove the Governor and the Deputy Governor from being chairperson and Deputy Chairperson respectively of the board of directors of the Central Bank.
According to the Bank of Uganda act, the Central Bank Governor who is also the most senior officer in the bank also chairs the board of directors and deputized by the Deputy Governor. The other members are the Secretary to the Treasury and directors from different departments in the bank.
Nicholas Kamanzi, a FinTech Lead at SafeBoda says Cashless is a SafeBoda wallet that allows riders to top each other but also to save with ease. He says unlike mobile money, cashless transactions are devoid of transaction fees which make it easy and better for the users to do business.
Katuntu, who chaired the Committee on Commissions Statutory Authorities and State Enterprise-COSASE, says there is a big fight between the Governor BoU, Emmanuel Mutebile Tumusiime and his Deputy, Louis Kasekende over his succession.
The State Minister of finance in -charge of planning, David Bahati insisted that there was no extra cash printed. He asked the MPs to be patient and wait for the outcome of the investigations.
The Worker’s representative to council Frank Ssemakula told Uganda Radio Network that each councillor is demanding up to 4.4 million Shillings. The money covers payment for transport, lodging, meals and constituency monitoring earned at each council sitting and paid from Local revenue collections by the district.
The Committee on Commissions Statutory Authorities and State Enterprises (COSASE) queried irregular procurement worth 300 million Shillings of 350 branded pens worth 125 million Shillings, and a payment of 100 million Shillings to Kampala Serena Hotel. Also queried is an additional 64 million Shillings that was paid out for the hire of tents and chairs in 2016.
Suruma, the Makerere University Chancellor was one of the few government officials that had tried to resist the World Bank/ International Monetary Fund call for privatization of UCB.
Uganda’s informal trade with the Democratic Republic of Congo remains the highest valued at USD 270 million (992 billion Shillings) followed by Kenya at USD 131 million (482 billion Shillings).
Abdu Katuntu, the former COSASE chairperson, says they were hampered by limited time, absence of minutes from Bank of Uganda and an attempt by President, Yoweri Museveni to block the investigations.
The Ajuri County MP, Hamson Obua volunteered to name the officials who featured prominently during the investigations as some of the people responsible for the irregularities.
Unlike National Social Security Fund, Enwealth says it will target Small and Medium Enterprise market in Uganda.The firm has targeted the SME market in 12 other countries in Africa.
