Category «Business»

Inflation rate drops

Inflation has further dropped from 5.3% in December last year to 4.9%in this month. This is according to the new inflation rates released this morning by the Uganda bureau of statistics. According to the director micro economics statistics Dr. Chris Mukiza the decline comes as a result of the decline in the prices of energy, …

Mobile money to be regulated

The Uganda Communications Commission is set to release guidelines on the management of mobile money services this year. This follows public outcry over lack of a regulatory framework under which mobile money services are carried out, creating a gap for fraud. According to the Executive Director of the Commission Godfrey Mutabazi, mobile money services are …

Experts warn on treasury raid

Economic experts are warning of a possible reversal of the inflation trend following news of government raiding the national treasury to refund stolen aid money. Uganda’s development partners including Norway, Sweden, the Republic of Ireland and Denmark last October took the decision to freeze aid transfers after a forensic audit by the Auditor General unearthed …

BOU recalls old currency notes

The Bank of Uganda has recalled all the 1987 currency notes. Addressing the media this morning, the Deputy Governor, Louis Kasekende said the notes include the 1000, 5000, 10,000 and 20,000 shilling notes printed before 2010 including the 10,000 Chogm notes. Kasekende says commercial banks are required to cease issuing of the said notes with …

Aid cuts could affect economy:Mutebile

The Governor of Bank of Uganda Emmanuel Tumusime Mutebile has warned of a possible reduction in the country’s economic growth rate as a result of the aid cuts by different donors. According to Mutebile, the aid cuts will reduce the potential growth rate of the economy by about 0.7%. The European Union, the World Bank, …