Uganda
Bank of Uganda cuts rate as inflation outlook improves
The near-term inflation outlook worsens, but latest forecasts shows recovery within the target band; the IMF’s Lagarde praises the central bank for its “prudent” approach
East Africa inches closer to monetary union
Progress report indicates some reform but many remaining issues; IMF officials flag problem areas and offer advice on shape of financial stability authorities
Bank of Uganda takes control of large commercial bank
Ugandan central bank takes over the management of Crane Bank, the commercial bank; clarification issued over use of governor’s signature
Still room to support domestic economic growth after cut, says Ugandan governor
Exchange rate movements remain key risk to inflation, says Tumusiime-Mutebile, as Bank of Uganda cuts interest rates by 100bps
East African governors praised for balancing act
Central bank heads in region have “done extremely well”, Kaberuka says; panellists at Bank of Uganda event debate central bank mandates and role in development
Governor cites stabilising inflation as Bank of Uganda cuts
Bank of Uganda cuts policy rate to 15% on back of inflation outlook; Tumusiime-Mutebile says central bank wants to have an "impact" on the state of economy where possible
Ugandan deputy calls for caution in forecasting deficits
Louis Kasekende warns inflation could be threatened if governments lose access to the market and are unable to meet their borrowing requirements, turning to the central bank instead
Ugandan social security fund’s outside investments performing well, CIO says
Gerald Kasaato says investments in Kenya are performing well; greater use of external managers could be ‘very beneficial’ if restriction to East Africa investment is expanded
Bank of Uganda takes rate hikes to 600bp in five meetings
Bank of Uganda raises rates for fifth consecutive time by 100bp to 17% in a move to curb inflation; sees earlier moves taking effect
EAC officials highlight exchange rate pass-through concerns
Both central banks wary of potential for domestic inflation to increase in face of depreciating currencies; concerns over impact of external environment raised in EAC member statement
East African governors say structural measures needed to stabilise currencies
Senior central bank officials from Burundi, Kenya, Rwanda, Tanzania and Uganda identify measures necessary to ensure long-term stability of their currencies
East African countries top Brookings table on inclusion
Study by think tank in Washington, DC, evaluates inclusion efforts in 21 diverse countries; Kenya, Rwanda and Uganda achieve high scores across categories
Uganda raises rates again to tackle inflation risks
Bank of Uganda hikes its policy rate to head off inflationary pressures but analyst warns the move will be ineffective unless overnight rates on the interbank market respond
IMF calls on East African Community to explore risk-sharing
Paper explores the nature and prevalence of asymmetric shocks in the EAC, concluding it is ‘critical’ it has shared mechanisms for absorbing them when its members form a monetary union
Ugandan governor on road to recovery after falling ill
Emmanuel Tumusiime Mutebile treated in hospital after falling ill last week; now in South Africa for ‘medical review’ where central bank says he is ‘in good spirits’
People: Dallas Fed names interim president; Ukraine adds deputy governor
Helen Holcomb holds the fort at Dallas Fed after Richard Fisher retires; National Bank of Ukraine appoints another acting deputy governor; Cleveland Fed names new research head; and more
Bank of Uganda explains currency dynamics
Central bank attributes depreciation of the shilling against the dollar to both the strengthening of the US currency and the increase in demand for the greenback to fund imports and pay dividends
Uganda governor troubled by effect of low oil prices on public finances
Uganda must have a ‘far-sighted long-term fiscal policy’ that recognises the threat falling oil prices pose to the health of public finances, argues central bank governor
IMF: Uganda cut policy meetings to improve forecasts
Bank of Uganda now sets policy once every two months in an effort to base decisions on "firmer" data; the ECB will hold eight meetings in 2015 with the BoE set to follow suit in 2016
Uganda eyes short-term foreign liabilities as reserves measure
Deputy governor Louis Kasekende says Bank of Uganda has begun to track reserves levels against short-term foreign liabilities such as portfolio outflows; details how QE has hit reserves income
Rwandan governor: East African Monetary Union progressing ‘as planned’
John Rwangombwa says there are ‘big gaps’ between the five member states of the East Africa Community, but he is ‘comfortable’ with the progress towards closing them
IMF and EAC partner up to improve regional statistics
The East African Community will receive technical assistance from IMF in effort to improve its collection of government finance statistics; Rwandan governor says partnership is ‘important’
South Sudan to East African Community: ‘do not reject us’
East African Community sends 'high level technical mission' to South Sudan in first step of a accession process which it expects will be 'tedious'
Bank of Uganda halves number of MPC meetings
Uganda’s central bank says ‘less frequent’ policy announcements will help businesses plan; MPC will now meet every other month