Increased lending to spur economy

Ugandans are not spending as much as they did at this time last year. As a result, economic growth has slowed down. In order increase spending, the Bank of Uganda has cut its benchmark Central Bank Rate (CBR) to signal commercial banks to lend more and at lower rates. Spending by Ugandan household’s accounts for 75% of economic activity according to Central Bank information. Prof. Emmanuel Tumusiime-Mutebile, governor of the Bank of Uganda told the media at the Banks headquarters in Kampala that the economy continues to grow but at…

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Economy bigger, growing faster than initially forecast

Ugandans are moving closer to middle income status, the rebased Gross Domestic Product (GDP) fi gures by the Uganda Bureau of Statistics (UBOS) indicate. The data also shows that the economy is bigger and is growing much faster than was initially forecast. The new data shows that the economy is now worth sh122.7 trillion (about $33b). This is up from the old estimates of sh65.3 trillion (about $18b). This is an 88% change between the old and new estimates. The change is mostly due to new data from industry, oil…

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Gov’t warns of cryptocurrencies

Finance Minister Matia Kasaija has issued a strong warning to Ugandans investing in cryptocurrencies, saying the government does not recognize them and citizens are on their own. A Cryptocurrency is a digital private currency. Kasaija told reporters at the Uganda Media Centre that government will not be held responsible in case anyone loses money to organisations selling cryptocurrencies. He said that the use of cryptocurrencies is a fraud and that no Ugandan should spend their money. Kasaija said the currencies are exposed to risks, including fraud, and the fact that…

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