Finance

The Monetary Policy Committee (MPC) of the Bank of Uganda has reduced the Central Bank Rate (CBR) by 25 basis points to 9.75%.

Uganda Revenue Authority (URA) has announced a surplus in revenue collections for August, exceeding its target of sh2.3 trillion.

Uganda central bank reduces lending rates by 25 basis points. The Bank of Uganda (BoU) has reduced the central bank rates from 10.25% to 10% following the stabilization of inflation rates below the medium target of 5%.

The National Social Security (NSSF) says it ended the financial year 2023/2024 on a good note, having surpassed their set targets.

The World Bank has projected Uganda’s economy to grow faster by 6.2% in FY24/25, accelerating to 7% in the medium term, driven by investments in oil and gas.

The Finance Ministry Permanent Secretary and Secretary to Treasury Ramathan Ggoobi has outlined budget opportunities in the UGX 72Trillion Budget for the Financial Year 2024/25, urging private sector players to take advantage of them.

Uganda recently unveiled a sh70 trillion budget, with the country’s finance minister allocating more than double to the oil and gas sector compared to the previous years.

MTN Uganda has attained a public float of 20 per cent at the Uganda Securities Exchange (USE) and the company is now fully compliant with the minimum public float requirement set out in rule 32 (7) of the USE rules, 2021.

Pan-African lender Absa Bank is anticipating a significant rise in trade finance revenues on goods flows linking China with SubSaharan Africa, after opening its first office in the Asian economic powerhouse.