Uganda shilling appreciates against USD by 6.3 pct
Xinhua
01 Jun 2021, 22:05 GMT+10
KAMPALA, June 1 (Xinhua) The depreciation of the U.S. dollar globally coupled with its increased inflows in Uganda by investors in government securities and private remittances have helped the Uganda shilling appreciate by 6.3 percent in May on an annual basis. Adam Mugume, executive director of research at Bank of Uganda, the country s central bank, told Xinhua in an interview on Tuesday that the shilling has seen a persistent appreciation trend since January 2021 through May. Mugume said the May appreciation was strong, registering a 6.3 percent year on year and a 1.95 percent month-on-month appreciation.
Agriculture, mining sectors raise hope as economy struggles to recover Isaac Mufumba Ten days ago, Bank of Uganda (BoU) Governor Emmanuel Tumusiime Mutebile, while releasing the monetary report for April, revealed that whereas some level of economic recovery had been realised during the first quarter of 2021, the economy will remain subdued. Mr Mutebile pegged the prospects of the economy’s vibrancy on how the campaign to immunise Ugandans against Covid-19 will pan out. “Nonetheless, the recovery is expected to strengthen with above trend growth…as vaccine effectiveness increases,” Mr Mutebile said. Whereas Mr Mutebile did not detail the extent of the havoc that was caused by the outbreak of the coronavirus pandemic and the subsequent lockdown introduced as a containment measure, it is now emerging that the pandemic actually wiped out the growth of yesteryears and caused the economy to shrink. By how much has economy shrunk? BoU director for research, Mr A
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Daily Monitor
Monday April 12 2021
Post Bank has been expanding it operations launching four branches across the country in the last two years. Photo | Courtesy
Summary
The bank, which currently operates as a tier two financial institutions, said last week the strategy will be the launch pad through which it will deliver on its new agenda of becoming a pacesetter, especially in creating products that impact society.
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Post Bank has said it has completed a five-year strategy in which it will seek to transition into a fully-fledged commercial bank.
The bank, which currently operates as a tier two financial institutions, said last week the strategy will be the launch pad through which it will deliver on its new agenda of becoming a pacesetter, especially in creating products that impact society.
Daily Monitor
Tuesday April 06 2021
A customer counts money in a banking hall. Banks have been sitting on plenty of liquidity for more than 12 months because of lock down. PHOTO/Eronie Kamukama
Summary
The pricing of low loans is to encourage potential borrowers with urgent cash needs to approach the bank for relief, Racheal Nabisubi writes.
Interest rates are one of the most crucial things to watch out for whenever you want to borrow some money especially from a bank.
However, very few people take time to understand what the interest rate is take for instance when applying for a loan.