Economy

Economy

Coffee exports fall 9% year on year in August

Coffee exports in August rose 8.41% month-on-month but fell 9.22% year-on-year, according to figures from the Uganda Coffee Development Authority. Their value however rose 11.19% month-on-month and declined by 7.66% year-on-year.
Economy

Banks and Visa seek slice of maturing mobile money sector

Stanbic's platform is the second mobile banking product after MoKash, a partnership between MTN and Commercial Bank of Africa which launched in August. Kenya's Equity Bank is also exploring the possibility of extending its Equitel service to Uganda.
EconomyEnergy, Oil & Gas

Cheaper imports bigger problem than interest rates, steel magnate says

The Chinese firms constructing Karuma and Isimba hydropower plants are not buying steel from Ugandan manufacturers, according to Sikander Lalani, the chief executive officer of Uganda's largest steel manufacturer, Roofings Group.
Aerial photo of the Karuma hydropower project
EconomyPolitics & Policy

The central bank’s stand against capping interest rates

The most vocal opposition to an interest rate cap law has not come from commercial banks, but from their regulator, the Bank of Uganda. The bank's core argument is that controlling interest rates would be moving away from economic liberalisation.
Bank of Uganda's headquarters in Kampala
Economy

Bank of Uganda governor on central bank’s role in ensuring macroeconomic stability

To control core inflation, the Bank of Uganda takes a forward looking approach. This is because monetary policy operates with significant lags. A change in the interest rate today will not have its full impact on prices for at least one year ahead.
Emmanuel Tumusiime-Mutebi, the governor of the Bank of Uganda
Economy

Economic integration prerequisite for E. African Monetary Union to work – BoU’s Louis Kasekende

Monetary unions potentially offer important benefits to economies which are closely integrated, but the problems experienced by some of the monetary unions already in existence around the world indicate that they also entail serious risks.
Economy

Commercial banks cut lending rates, but cautiously

A survey of commercial banks shows that a good number of them have cut their prime lending rate, a sign the Bank of Uganda's three consecutive rate cuts are having an effect.
A retail shopping centre in downtown Kampala, Uganda
Economy

The deputy central bank governor on the state’s role in agricultural financing

Government used public sector banks, the Uganda Commercial Bank and the Cooperative Bank to provide loans to farmers at subsidized interest rates – which were often highly negative in real terms. Some of these lending schemes were financed from the Central bank.
Economy

Inflation falls to lowest level in 16 months

Annual headline inflation fell to its lowest level in 16 months, coming in at 4.8% for August, data from the Uganda Bureau of Statistics showed on Wednesday
Economy

Coffee exports fall year on year in July

Coffee exports in July 2016 rose 0.81% month-on-month, but fell 33.33% year-on-year. The value of the exports, on the other hand, gained 1.98% month-on-month and fell 37.02% year-on-year.
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