Bank of Uganda

Bank of Uganda
Benki Kuu ya Uganda
Headquarters Kampala, Uganda
Governor Emmanuel Tumusiime Mutebile[1]
Central bank of Uganda
Currency Uganda shilling
UGX (ISO 4217)
Reserves US$2.97 billion (UGX:9.9 trillion) (June 2016)[2]
Website Official site

The Bank of Uganda (Swahili: Benki Kuu ya Uganda) is the central bank of Uganda. Established in 1966, by Act of Parliament, the bank is wholly owned by the government but is not a government department.

Organization and governance

The board of directors of the Bank of Uganda is the bank's supreme policy making body. It is chaired by the governor or, in his or her absence, by the deputy governor.

The duties and powers of the board are specified by the Bank of Uganda Act. This Act makes the board responsible for the general management of the affairs of the bank. The board formulates policy and ensures that anything required to be done by the bank under the statute as well as anything else that is within or incidental to the functioning of the bank is carried out.

The president of Uganda appoints both the governor and the deputy governor, on the advice of the cabinet, for five-year renewable terms. Other members of the board (not fewer than four and not more than six) are appointed by the minister of finance for three-year renewable terms. The secretary to the treasury is an ex-officio member of the board.

The governor is Emmanuel Tumusiime-Mutebile and the deputy governor is Louis Kasekende.[3]

Currency centers

The central bank maintains branches and currency centers in various locations around the country, whose purpose is to store, process and monitor the supply of currency to the government and private financial institutions in the surrounding cities, towns, and villages.[4]

  1. Arua Currency Center - Arua
  2. Fort Portal Currency Center - Fort Portal
  3. Gulu Currency Center - Gulu
  4. Jinja Currency Center - Jinja
  5. Kabale Currency Center - Kabale[5]
  6. Kampala Currency Center - Kampala
  7. Masaka Currency Center - Masaka
  8. Mbale Currency Center - Mbale
  9. Mbarara Currency Center - Mbarara

Financial inclusion

The bank actively promotes the policy of financial inclusion and is a member of the Alliance for Financial Inclusion.

The bank is also one of the original 17 regulatory institutions to make specific national commitments to financial inclusion under The Maya Declaration during the AFI Global Policy Forum held in Riviera Maya, Mexico in 2011.[6]

See also

References

  1. ↑ Mwesigwa, Alon (23 December 2015). "Mutebile's contract renewed". The Observer (Uganda). Kampala. Retrieved 29 September 2016.
  2. ↑ Martin Luther Oketch (20 July 2016). "East African central banks to rebuild forex reserves". Daily Monitor. Kampala. Retrieved 29 September 2016.
  3. ↑ "Governance and Organisation of the Bank". Bank of Uganda. Retrieved 20 April 2014.
  4. ↑ Bank of Uganda (29 September 2016). "Bank of Uganda Branches And Currency Centres". Kampala: Bank of Uganda. Retrieved 29 September 2016.
  5. ↑ Uwera, Runyambo (12 April 2010). "Central Bank Launches Currency Centre". Daily Monitor. Retrieved 20 April 2014.
  6. ↑ Alliance for Financial Inclusion (30 September 2011). "Maya Declaration Urges Financial Inclusion for World's Unbanked Populations". PR Newswire. Retrieved 20 April 2014.

External links

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