The Bank of Uganda () is the

central bank A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the mo ...

Uganda Uganda, officially the Republic of Uganda, is a landlocked country in East Africa. It 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 ...

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

History

1979 Events January * January 1 ** United Nations Secretary-General Kurt Waldheim heralds the start of the ''International Year of the Child''. Many musicians donate to the ''Music for UNICEF Concert'' fund, among them ABBA, who write the song ...

and again in

1987 Events January * January 1 – Bolivia reintroduces the Boliviano currency. * January 2 – Chadian–Libyan conflict – Battle of Fada: The Military of Chad, Chadian army destroys a Libyan armoured brigade. * January 3 – Afghan leader ...

, the Bank of Uganda managed to maintain an exchange rate of USh to US$1. Starting in 1987, the

IMF The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of la ...

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 held in Riviera Maya 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 issued by the Alliance for Financial Inclusion that aims to reduce poverty and ensure financial stability for the benefit of all. It is the first globa ...

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

Organization

The

board of directors A board of directors is a governing body that supervises the activities of a business, a nonprofit organization, or a government agency. The powers, duties, and responsibilities of a board of directors are determined by government regulatio ...

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 (government title), president leads the Executive (government), executive branch of the government of Uganda and is the commander- ...

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. 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 between 2001 and 2022 was Emmanuel Tumusiime-Mutebile (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, Uganda, Northern Region of Uganda. Location Arua is approximately north-west of Kampala, the capital and largest city of Uganda, Arua is about , by road, west ...

#Fort Portal Branch -

Fort Portal Fort Portal formerly Kabarole () is a city located in the Western Region, Uganda, Western Region of Uganda. It is the seat of both Kabarole District and historically of the Tooro Kingdom. Etymology Fort Portal was named after British Diplomac ...

#Gulu Branch -

Gulu Gulu is a city in the Northern Region of Uganda. It is the commercial and administrative centre of Gulu District. The coordinates of the city of Gulu are 2°46'54.0"N 32°17'57.0"E. The city's distance from Kampala, Uganda's capital and large ...

#Jinja Branch - Jinja #Kabale Branch -

Kabale Kabale City is a city in the Western Region of Uganda. It is the main city of Kabale District, and the district headquarters are located at Makanga hills. It is sometimes nicknamed "Kastone" as in the local Rukiga language, a "kabale" is a sma ...

#Kampala Branch -

Kampala Kampala (, ) is the Capital city, capital and largest city of Uganda. The city proper has a population of 1,875,834 (2024) and is divided into the five political divisions of Kampala Central Division, Kampala, Kawempe Division, Kawempe, Makindy ...

#Masaka Branch -

Masaka Masaka is a city in the Central Region, Uganda, Buganda Region in Uganda, west of Lake Victoria. The city is the headquarters of Masaka District. Location Masaka is approximately to the south-west of Kampala on the highway to Mbarara. The ...

#Mbale Branch -

Mbale Mbale is a city in the Eastern Region of Uganda. It is the main municipal, administrative, and commercial center of Mbale District and the surrounding sub-region. Location Mbale is approximately northeast of Kampala, Uganda's capital city, on ...

#Mbarara Branch -

Mbarara Mbarara City is a city in the Western Region, Uganda, 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, ...

#Lira Currency Training Center -

Lira Lira is the name of several currency units. It is the current Turkish lira, currency of Turkey and also the local name of the Lebanese pound, currencies of Lebanon and of Syrian pound, Syria. It is also the name of several former currencies, ...

References

External links

Bank of Uganda website

Uganda Ministry of Finance

SWFI profile
{{Central banks by country 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