Bank of Uganda (BoU) has signed a Memorandum of understanding with FRONTCLEAR MANAGEMENT B.V a financial markets development company based in Amsterdam, Netherlands.
According to the central bank, the memorandum reflects a shared intention and commitment to jointly support the development of the interbank market in Uganda.
“By entering into this partnership, both parties will combine efforts to address challenges identified in the local interbank market,” BoU says on its official Facebook page.
These challenges have been jointly identified as part of FRONTCLEAR Technical Assistance Program (FTAP) due diligence and follow up discussions with the Bank of Uganda as well as the local market.
Deputy Governor Dr. Louis Kasekende signed on behalf of the Bank of Uganda.