Ugandans Hold UGX 8.5 Trillion in Fixed Deposits – BOU

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Ugandans have stashed record amounts of cash in banks, an indicator Ugandans feared to spend their money with the coronavirus uncertainty still hovering around. Bank of Uganda data shows that in May 2020, the amount that Ugandans had in banks as term deposits reached UGX8.5 trillion, the highest amount ever held there in a single month. Term deposits also referred to as fixed deposits are wh