Category «Business»

Full text of President Obama’s speech

Thank you so much. Tonight, more than 200 years after a former colony won the right to determine its own destiny, the task of perfecting our union moves forward. It moves forward because of you. It moves forward because you reaffirmed the spirit that has triumphed over war and depression, the spirit that has lifted this country from the depths of despair to the great heights of hope, the belief that while each of us will pursue our own individual dreams, we are an American family and we rise or fall together as one nation and as one people. Tonight, in this election, you, the American people, reminded us that while our road has been hard, while our journey has …

BOU speaks out on Shilling, lending rates

Bank of Uganda says it cannot control the exchange rate changes. This comes at a time when the exchange rate fluctuations have been highlighted as a major factor affecting the performance of the economy with the latest being the Uganda Revenue Authority revenue collections deficit. Similarly the weakening of the shillings experienced in the last two weeks contributed to the hiking of fuel prices The export promotions board has asked the Bank of Uganda to explain how best the shillings could be managed because it also affected exports. However Bank of Uganda says it has no control over the exchange rate because it’s a free market. The Governor Emmanuel Mutebile says the Central Bank can only come in when the …

BOU Closes National Bank of Commerce

Bank of Uganda has announced immediate takeover of the management of the National Bank of Commerce. This has been announced in a press statement issued by Dr. Louis Kasekende, the bank’s Deputy Governor. According to the statement, the bank’s license has been revoked and its customers will now operate their accounts in Crane Bank, beginning October 1st. Kasekende says the bank has also been ordered to wind up its affairs. The Central Bank in its statement warns borrowers with the bank to service their loans as per the previous terms. Though the statement does not give reason for the wind up, Kasekende says the Central Bank will remain committed to ensure the stability of the financial sector. The bank has …