Economy

Commercial banks have revealed that they will also hike interest rates after the Central Bank hiked the lending rate. Over the past couple of months, Bank of Uganda has increased the CBR to 8.5%. Anne Juuko, the chief executive officer of Stanbic Uganda said this move by Bank of Uganda is apparently the only solution to inflation. However, it also ...

At the close of December 2021, the public debt stock stood at Shs73.5 trillion. Shs45.72 trillion of that is the total amount of external debt while the domestic debt amounted to Shs27.8 trillion. Matia Kasaija, the Finance Minister said the rise in debt could mainly be associated to the need to support the economy and preserve the welfare of households ...

As inflation notably grows, Bank of Uganda has decided to increase the lending rate to 7.5% for all those borrowing. The Deputy Governor, Michael Atingi-Ego explained that recent developments in the world have seen inflation rise rapidly and that this is spreading broadly across the basket of consumer goods and services. He said this through a statement on Thursday. “The ...

As the country moves closer to the end of this financial year, the Uganda Revenue Authority (URA) is still optimistic about meeting its annual revenue collection target of Shs 22.4 trillion. However, their hopes have been blurred after registering a shortfall of Shs 1 trillion in the last three months. Uganda Revenue Authority Commissioner General, John Musinguzi, addressed media at ...

Forum for Democratic Change, FDC, has advised government to exempt Taxes on some basic commodities. Ibrahim Ssemujju Nganda, the FDC spokesperson, accused President Museveni of telling lies that the Russian invasion of Ukraine is responsible for the escalating prices of essential commodities in the country. He said this is not the case. “The truth of the matter is that prices ...