The Bank of Uganda ( sw, Benki Kuu ya Uganda) is the

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a centra ...

Uganda }), is a landlocked country in East Africa. The country is bordered to the east by Kenya, to the north by South Sudan, to the west by the Democratic Republic of the Congo, to the south-west by Rwanda, and to the south by Tanzania. The ...

. Established in 1966, by Act of Parliament, the bank is wholly owned by the government but is not a government department.

History

In 1979 and again in 1987, the Bank of Uganda managed to maintain an exchange rate of USh to US$1. Starting in 1987, the IMF backed the development of the Bank of Uganda, and completed its first stage of recapitalizing the central bank in 1997. At the

AFI Global Policy Forum The Global Policy Forum (GPF) is organized by the Alliance for Financial Inclusion, or AFI, as the keystone event for its membership and financial inclusion policymakers worldwide. Each year, it is co-hosted by a different member institution in a di ...

held in

Riviera Maya The Riviera Maya () is a tourism and resort district south of Cancun, Mexico. It straddles the coastal Federal Highway 307, along the Caribbean coastline of the state of Quintana Roo, located in the eastern portion of the Yucatán Peninsul ...

in Mexico in 2011, the Bank of Uganda was one of the original 17 regulatory institutions to make specific national commitments to financial inclusion under

The Maya Declaration The Maya Declaration is a global initiative for responsible and sustainable financial inclusion that aims to reduce poverty and ensure financial stability for the benefit of all. It is the first global and measurable set of financial inclusion comm ...

. In June 2019, 7 directors of the bank were fired after accusations of printing their own money bills.

Organization

The

board of directors A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit orga ...

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 The president of the Republic of Uganda is the head of state and the head of government of Uganda. The president leads the executive branch of the government of Uganda and is the commander-in-chief of the Uganda People's Defence Force. The ...

appoints both the governor and the deputy governor, on the advice of the

cabinet Cabinet or The Cabinet may refer to: Furniture * Cabinetry, a box-shaped piece of furniture with doors and/or drawers * Display cabinet, a piece of furniture with one or more transparent glass sheets or transparent polycarbonate sheets * Filin ...

, 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. As of June 2019, the bank employed 1,066 people. The bank of Uganda is a member of the Alliance for Financial Inclusion. The

Governor of the Bank of Uganda The Governor of the Bank of Uganda is chief executive officer and the chairman of the board of directors of the Bank of Uganda. The current governor was Emmanuel Tumusiime-Mutebile, who was first appointed to this position on 1 January 2001, and was ...

between 2001 and 2022 was

Emmanuel Tumusiime-Mutebile Emmanuel Tumusiime-Mutebile (27 January 1949 – 23 January 2022) was a Ugandan economist and banker. He served as the governor of the Bank of Uganda, the central bank of Uganda from 2001 until his death on 23 January 2022. Life and career ...

(1949–2022).

Currency centres

The central bank maintains branches and currency centres 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. #Arua Branch -

Arua Arua is a city and commercial centre within the Arua District in the Northern Region of Uganda. Location Arua is approximately , by road, north-west of Kampala, the capital and largest city of Uganda, Arua is about , by road, west of Gulu, th ...

#Fort Portal Branch -

Fort Portal Fort Portal or Kabarole is a city located in the Western Region of Uganda. It is the seat of both Kabarole District and historically of the Toro Kingdom. Location Fort Portal in Kabarole District is located approximately by road, west of Kamp ...

#Gulu Branch - Gulu #Jinja Branch - Jinja #Kabale Branch - Kabale #Kampala Branch -

Kampala Kampala (, ) is the capital and largest city of Uganda. The city proper has a population of 1,680,000 and is divided into the five political divisions of Kampala Central Division, Kawempe Division, Makindye Division, Nakawa Division, and R ...

#Masaka Branch - Masaka #Mbale Branch - Mbale #Mbarara Branch -

Mbarara Mbarara City is a city in the Western Region of Uganda and the second largest city in Uganda after Kampala. The city is divided into 6 boroughs of Kakoba Division, Kamukuzi Division, Nyamitanga Division, Biharwe Division, Kakiika Division, Nyaka ...

#Lira Currency Training Center -

Lira Lira is the name of several currency units. It is the current currency of Turkey and also the local name of the currencies of Lebanon and of Syria. It is also the name of several former currencies, including those of Italy, Malta and Israe ...

References

External links

Bank of Uganda Website

Uganda Ministry of Finance

SWFI Profile
{{Central banks Banks of Uganda Government of Uganda

Kampala District 1966 establishments in Uganda Banks established in 1966

History

Organization

Currency centres

See also

References

External links