State of the Economy report Archives

Commercial Banks’ lending rates rise to 20 percent in 3 months as credit demand drops to UGX 5.1 trillion

by Paul MurungiThe Big StoryJuly 11, 2024July 12, 2024

The Central Bank of Uganda (BOU) has indicated that the quoted lending rates for commercial banks rose in the three months to April, averaging 20.8 percent, just 20 basis points (0.2 percent) above the reading in the three months to January 2024. The details contained in the new BOU State of the Economy report shows that the weighted average shillings…

INSIDE STORY: Bank of Uganda moves to purchase gold from Ugandans as exports hit UGX 514 billion in three months

by Paul MurungiIndustry & Analysis News & Analysis The Big StoryJuly 11, 2024July 14, 2024

Ugandans are set to earn big from gold sales as the Bank of Uganda (BOU) initiates a Domestic Gold Purchase Programme which is aimed at building the country’s foreign reserves and minimizing associated risks on reserves investments in the international financial markets. The gold purchase programme will involve purchasing gold directly from the artisanal and small scale miners, which also…