Peace is not merely the absence of war. While Uganda is generally peaceful, the downward spiral of the shilling, a slowdown in economic activity and a general shut down in exports to South Sudan have created an economic war of sorts.
Exchange rates; the Uganda shilling held steady averaging between UGX 3350-3410 per dollar in June. Over the past two quarters, the shilling has held ground against the major trading partner currencies, that is, the USD, Euro and Kenya Shilling. This steady hold of the shilling is attributed to the expensive credit which has continued to stifle private sector credit growth.
Inflation is starting to creep up as the election year comes around the corner. At the same time the shilling is rapidly losing ground against the dollar. The shilling is trading at an average 3,500 against the greenback, its lowest level.
Sometime this year, one of the local financial institutions experienced a big fraud case. Anti- fraud experts were called to track and if possible arrest the criminals.
Total assets of the pension sector assets hit Ugx6.5 trillion in 2015, up from Ugx5.2 trillion in 2014 according a report by the Uganda Retirements Benefits Regulatory Authority (URBRA); largely due to the National Social Security Fund (NSSF).
Let’s set the record straight – you must invest money in order to succeed. Your choice of business and entrepreneurial acumen will determine your profitability and future success.
The tax body’s revenue performance report released at its headquarters in Nakawa, Kampala shows that URA had a net revenue collection of 9.71 trillion surpassing its target of 9.57 trillion in the 2014/2015 financial year.
The budget speech for the year 2015/2016 was read after it was accordingly approved by parliament on 30/May 2015 in harmony with section 14 of the Public Finance and Management Act 2015.