Last month, Kenya, Tanzania and Uganda quietly linked their Real Time Gross Settlement systems. Perhaps because it came so close to the festive season, the general public did not take too much notice. But there must have been some very loud and relieved sighs among the business people. A major barrier to the flow of […]
Nairobi, Kenya–Relying more on electronic payments, such as cards and mobile payments, could yield a net benefit of up to U.S. $470 billion per year across 100 cities around the world – roughly the equivalent to 3% of the average GDP for these cities. These are the findings of an independent study conducted by Roubini […]
KAMPALA, Uganda–Two key Bills critical to the establishment of the East African Community Monetary Union were yesterday tabled before the East African Legislative Assembly sitting in Kampala Uganda for first reading. The two bills are the Monetary Institute Bill 2017 and the EAC Statistics Bureau Bill 2017 which were tabled by the Chair of the […]
NAIROBI, Kenya– More than 2.5 billion people around the world, many of them in Africa, lack formal identification that enables them access to financial and government services, this is according to the United Nations and the ID2020 project. What’s more, less than 10% of adults in low and middle-income countries are on file in public […]
NAIROBI, Kenya—The Kenyan Cabinet today approved the Africa Continental Free Trade (AfCFTA) treaty for ratification. In a press, President Uhuru Kenyatta said the Bill for ratifying the treaty, which was signed in Kigali, Rwanda, by 44 African nations, will be presented to Parliament within the next few days following its approval by Cabinet in its […]
KAMPALA, Uganda–The Uganda shilling traded stable against the U.S dollar on Thursday, partly supported by a local currency tightening operation by the Central Bank. The USDUGX pair owed solidity to low dollar demand from both inter bank players and importers from the manufacturing, telecom and energy sectors. The pair was quoted at the 3685/3705 levels, […]
KAMPALA, Uganda–The Uganda shilling traded flat at the 3685/3705 levels against the U.S Dollar on Monday, as the Central Bank of Uganda maintained its key benchmark lending rate at 9.00 per cent. The regulator noted that risks to inflation were balanced and inflation was expected to rise gradually to around 5 percent by the end […]
KAMPALA, Uganda–The Uganda shilling was unchanged against the U.S dollar at last week’s close, supported by hard currency inflows from commodity exporters amidst waning importer and interbank demand. The USDUGX duet was detained within the 3685/3705 levels. This week, market sentiment alludes to a relatively stable pair as mid-month tax payments offer support to the […]
The African Development Bank has expanded its flagship publication, the African Economic Outlook, with five regional reports. The regional economic studies were released in Tunis (North Africa), Abidjan (West and Central Africa), Nairobi (Eastern Africa) and Pretoria (Southern Africa). “By offering regional approaches for the first time, we want to leverage the Bank’s expertise and […]
KIGALI, Rwanda– The African Union’s Executive Council called for a massive ratification of the agreement establishing the Continental Free Trade Area. Speaking at the opening session of the Council meeting, the Minister of Foreign Affairs, Cooperation and East African Community and Chairperson of African Union Executive Council, Louise Mushikiwabo said that the signing of the […]