Shilling Strengthens Amid Robust Currency Inflows, Market Eyes US Tariff Impact
The shilling demonstrated strength throughout the week, supported by robust inflows of hard currency, despite subdued corporate demand. At the start of the month, the exchange rate stood at 3660/3670. By mid-week, it appreciated to a yearly high of 3640/3650, attracting buyers from the energy and offshore sectors before closing
Deputy Governor Prof. Nuwagaba assumes office following Museveni’s Clearance
The newly appointed Deputy Governor of the Bank of Uganda, Prof. Augustus Nuwagaba, has assumed office following President Yoweri Museveni’s clearance. Nuwagaba assumed office on Monday following his appointment and subsequent vetting. A source said several groups of people petitioned president Yoweri Museveni over his qualifications. They claimed that the
BoU Fraudulent Payment: Court Releases Accountant General, Five Others
High Court has released Accountant General Lawrence Ssemakula and five others implicated in the fraudulent payment of Shs 60 billion by the Bank of Uganda. Ssemakula was released alongside Commissioner of Treasury Services Jennifer Muhuruzi, as well as Judith Ashaba, Dorothy Kusiima, Betinah Nayebare, and Nkakubo Lumala. Appearing before Justice
IMF calls for review of Uganda’s anti-money laundering and financing of terrorism frameworks
The International Monetary Fund (IMF) has called for a review of the legal ambiguities and deficiencies within Uganda’s Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) framework. The IMF said barely a year after the delisting of Uganda off the Financial Action Task Force’s (FATF) Grey List. In February
