Shilling Weakens as Dollar Demand Persists
The Uganda shilling weakened by approximately 0.56% during last week’s trading session, closing at Shs 3,570/3,580 against the US dollar amid unusually strong festive-season demand. Despite steady dollar inflows from commodity exporters, remittance firms, and charitable organizations, persistent hard currency demand from offshore entities, manufacturing companies, and energy firms outweighed
UEDCL Secures Shs190b Loan from Absa Bank to Upgrade Electricity Distribution Network
Uganda Electricity Distribution Company Limited (UEDCL) has secured a loan worth Shs190 billion (USD 50 million) from Absa Bank to finance the upgrade and expansion of the country’s electricity distribution network, in a move aimed at supporting Uganda’s economic and industrial growth. The loan agreement was formalized through a memorandum
Uganda Shilling Weakens as Market Reverses Mid-Week Strength
The Uganda shilling gradually lost ground on Friday morning, trading at the 3550/3560 levels, compared to the 3535/3545 levels at the start of the day. Earlier in the week, the market leaned toward a stronger local unit, supported by dollar selling from commercial banks, commodity exporters, and steady inward remittances
How the Iron Sheets Case Shattered Minister Lugoloobi’s Life
State Minister for Planning Amos Lugoloobi has opened up about the emotional and personal toll of the iron sheets scandal that saw him arrested, detained, and charged with corruption in 2023. From losing his U.S. visa and bank accounts to facing public humiliation, the minister says the ordeal left him
Bank of Uganda Wins CEO Golf Challenge as Annual Bankers’ Sports Gala Kicks Off
The Uganda Institute of Banking and Financial Services (UIBFS), in partnership with the Uganda Bankers Association (UBA), is hosting the 2025 Annual Bankers’ Sports Gala under the theme “Beyond the Finish Line.” The sports activities commenced with a 30-day fitness challenge on 5th September 2025 at the UBA offices. This
Banking on Wellness: UIBFS and UBA Launch 2025 Annual Bankers’ Sports Gala
The Uganda Institute of Banking and Financial Services (UIBFS), in partnership with the Uganda Bankers Association (UBA), launched the 2025 Annual Bankers’ Sports Gala on the evening of September 5th at the UBA offices in Muyenga. The event kicked off with the highly anticipated Bankers’ Run/Walk, which also marked the
IGG halts Shs 13.4 billion fraudulent land compensation
Inspectorate of Government (IG) has halted Shs13.4 billion fraudulent land compensation deal in Sheema District. The land in question, located on Block 19, Plot 49 in Kiyugu, Sheema, was falsely claimed by one James Kumwesiga, who allegedly posed as the rightful owner, Polycarp Simba Atuhumuza. According to the IGG’s office,
Absa Bank wins two awards at the 2025 Global Banking and Finance Awards
Absa Bank Uganda has been honoured with two prestigious accolades at the 2025 Global Banking and Finance Awards: “Best CSR Bank Uganda” and “Best Community Engagement ESG Initiative in Uganda”. These awards recognise Absa Bank Uganda’s broad and sustained impact across key areas, including the One Million Trees Initiative aimed
David Wandera appointed Managing Director of Absa Bank Uganda
David Wandera has been appointed as Managing Director of Absa Bank Uganda effective 5 May 2025, following the necessary regulatory approval from the Bank of Uganda. David is an accomplished banker with over 20 years of diverse experience in business leadership, financial management, strategy and stakeholder engagement. Prior to this
Ugandan Shilling Ends April Steady as Dollar Inflows Bolster FX Market
The Ugandan shilling closed April trading steady within the 3655–3670 range, supported by dollar inflows from commodity exporters and offshore investors, according to Richard Nsubuga, Acting Head of Trading at Absa Bank Uganda. Demand for hard currency remained subdued throughout the week. Looking ahead, we anticipate the shilling will retain
