Central Banking

Uganda upgrades foreign reserve management

The Bank of Uganda (BOU) plans to upgrade its foreign reserve management operations by installing a software system worth one million US dollars.

BOU spokesman Juma Walusimbi was quoted by local press on Thursday as saying that "there was a need for a pro-active financial management system to keep our operations funded at the lowest costs, minimize financial risks associated with foreign exchange transactions and interest rate movements."

The new technology streamlines central bank processes by