Post Bank has said that its staff colluded and put fake currency in its branch in Mbale.This week, the bank confirmed that its internal control mechanism had discovered counterfeit notes worth sh 500 million in the Mbale branch.Bundles of counterfeit sh 50,000 notes were found on No
Hassan Lutaaya, a boda boda rider from Kitaara, Entebbe Municipality, has been remanded to Luzira Prison until December 12, 2024, on allegations of defrauding Shs 600 million from the family of the late Masaka Diocesan Bishop, John Baptist Kaggwa.
Sudan has cancelled a port deal with the United Arab Emirates in an apparent protest at Abu Dhabi for its supposed support for the Rapid Support Forces, the paramilitary engaged in a deadly conflict with government forces. Finance Minister, Jibril Ibrahim said his country had cancelled a
Bank of Uganda has said in its monetary policy report of October 2024, which it released on Monday that in the three months to September 2024, the shilling appreciated by 1.9 percent, which indicates that Uganda’s domestic financial market has continued to remain stable. The appreciati
By Ezra Suruma In 1986 when the National Resistance Movement captured the apparatus of government, coffee was by far the most important export product of Uganda. Coffee had enjoyed this supremacy since the 1950s when it overtook cotton as the most important “cash crop” and expo
Hotel owners across the country have protested a move by the Uganda Tourism Board to shut down accommodation facilities that are not licensed by the board to operate. The board, that by the law, regulates the hospitality sector issued a warning that those facilities operating without a l
In early March 2017, panic-stricken officials from Uganda’s ministries of Works and Finance, dashed to Dar es Salaam to “compare notes” with their Tanzanian counterparts on among others, variations in prices of their disassociated Standard Gauge Railway (SGR) projects. President Mu
In 2023, heartbreaks had started cropping up almost every week had it not been the Ministry of Health to impose breaks on the then trending DNA tests where several laboratories had even started running adverts for the testing services.
High public service costs continued to weigh heavily on Uganda’s foreign reserves, resulting in a drawdown of $144.1m (Shs528.7b) in the three months to July. In details contained in the September State of the Economy Report, Bank of Uganda noted that developments in the [balance of pa
The stock of unused external debt rose by $500m (Shs1.8 trillion) due to sluggishness in implementation of government projects, according to the Ministry of Finance Debt Statistical Bulletin. The Bulletin, which covers and analyses a wide range of public debt developments, indicates that
