There is pandemonium at Diamond Trust Bank (DTB) Uganda! As you read this, sources reveal that several of their clients are withdrawing their savings citing loss of trust and integrity in the bank’s senior executives, after they were accused of illegally siphoning over Shs120Bnn from businessman Hamis Kiggundu aka Ham’s accounts. Senior executives of both DTB Uganda and DTB Kenya…
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The High Court Civil Division in Kampala has ordered for cross examination of a one Agnes Mugisha in a case were the appointment of Dr. Twinemanzi Tumubweine as Director supervision commercial banks at Bank of Uganda (BOU) is challenged. The decision compelling BOU to produce the witness for cross examination was taken by the High Court Judge Philip Odoki upon request…
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City businessman Hamis Kiggundu aka Ham has appealed to Ugandans to rise to the occasion and push government to cause substantive reforms within the banking sector which is faced with a lot of challenges. Kiggundu has come out to note that a lot is at stake within the banking sector highlighting that Ugandans must stop being just spectators but get…
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City businessman Sudhir Rupareria has come out to respond to the several claims that were put across by the Governor, Bank of Uganda, Emmanuel Tumusiime Mutebile following the Appellant Court decision to dismiss the case filed by the central bank against him. Bank of Uganda (BOU) had sued Sudhir the former owner of the defunct Crane Bank and Meera Investments…
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KAMPALA, Friday, April 17, 2020 – Bank of Uganda (BoU) in its Monetary Policy Statement of April 06, 2020, made reference to credit relief measures to mitigate the adverse effects of the COVID-19 pandemic, ensuring financial sector stability, and facilitating the financial inter-mediation process during this pandemic period. The credit relief measures contained herein, do not eliminate the debtor’s obligation…
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Business confidence in the country has fallen sharply for the first time since January 2017 as companies come to terms with Coronavirus (COVID -19) wave, a survey has shown. The Purchase Managers Index (PMI) for March 2020, a survey published by Stanbic bank and mainly talks to owners of businesses show that confidence fell to 43 points, regarded as poor.…
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Bank of Uganda (BoU) has announced that it has finalized the liquidation process of two defunct commercial banks as required by law. Liquidation is a process of permanently closing a bank and its branches, selling off any assets and using the proceeds to settle as many of the banks remaining liabilities as possible. In a statement issued by BoU Governor…
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Uganda’s public debt has grown to Uganda shillings 46 trillion (USD12.5bn) as at the end of June 2019 up from Shs 39 trillion (USD10.7bn) in June 2018, according to the latest Ministry of Finance report. This raises the share public debt from 34.8% of GDP in 2017/18 to 36.1% of GDP in 2018/19. Most of the debt is externally sourced,…
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The International Monetary Fund-IMF has slashed Uganda’s growth projection from 6.3% to 6% this year, citing the country’s challenges to get oil out of the ground and government’s inability to do all budgeted activities. After assessing the economy, the IMF said Uganda had challenges to raise money to carry out activities in the budget. This has made the country borrow…
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