Banks

Economy

Uganda unlikely to achieve middle income status by 2020, World Bank says

The World Bank says Uganda's economy must grow by 12% each year until 2020 if it is to achieve its goal of middle-income status by that time. But that is twice the growth rate it considers realistic for Uganda's GDP in the medium-term
Economy

10 things the World Bank says about Uganda’s economy

The World Bank on Tuesday released its eighth Uganda Economic Update outlining its view of the state of the economy, more than six months after it cut off funding over slow execution of projects. Here are 10 key messages from the report.
Economy

BoU sees tough times ahead for banks, but confident on stability

The central bank is counting on tougher capital demands to mitigate potential risks to the financial system, following a stormy year for the banking sector during which the regulator took over management of one of the largest lenders.
Economy

Bank of Uganda governor expects “small rise” in GDP growth

The prospects for macroeconomic stability in the near to medium term are currently very good, according to the central bank governor. Economic growth in 2017 will be "close to the economy’s medium term potential growth of 5%," he said.
Emmanuel Tumusiime-Mutebi, the governor of the Bank of Uganda
Economy

Banks to face tougher capital demands as regulator calls for stricter lending standards

Banks will have to set aside higher levels of capital in 2017, with an additional surcharge for the three domestically systemically important banks, to protect against possible shocks, Emmanuel Tumusiime-Mutebile, the governor Bank of Uganda said on Friday.
Companies

Atlas Mara, Crane Bank’s reported suitor, releases Q3 results; silent on bid

Atlas Mara, the financial services group that has been named as one of the possible buyers of Crane Bank, released unaudited 3rd quarter financial statements showing a 77.5% year-on-year drop in after tax profit for the nine months ended 30 September.
Companies

Stanbic Bank follows BoU easing, cuts lending rate by 1%

Stanbic Bank is reducing its prime lending rate by 1% from 22% to 21% effective 1 December, a statement released by the lender said. This follows last week's reduction in the Central Bank Rate to 13%, the fourth consecutive rate cut this year.
A Stanbic Bank branch in Kampala
CompaniesEconomy

Crane Bank takeover — what you need to know, and implications

Bank of Uganda ended weeks of speculation about Crane Bank, announcing on Thursday that it is taking over management of the lender. Here is what you need to know about the central bank's move and what it means for Crane Bank and its customers.
CompaniesEconomy

Bank of Uganda takes over troubled Crane Bank, suspends management

Bank of Uganda has taken over the management of Crane Bank Limited, Emmanuel Tumusiime-Mutebile, governor of the central bank, told journalists at a hastily convened press conference on Thursday.
Companies

Social media message on Crane Bank inaccurate, says BoU (Updated)

"Guys, if you know anyone with money in Crane Bank, tell them to remove it... Within the next week," the message circulating on WhatsApp on Thursday morning said. It was signed: "Insider BoU." Bank of Uganda has denied the message.
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