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Bank of Uganda, in its state of the economy report for June 2024, announced that it had started buying gold from the local market to beef up its foreign reserves and, in consultation with relevant key stakeholders, has initiated a Domestic Gold Purchase Program with the objectives of building the country’s foreign reserves and minimizing ...

As part of the program, purchased gold will be processed into monetary gold and securely stored with custodians. The Central Bank’s annual report for 2023 revealed that Uganda’s foreign reserves stood at $4.07 billion, a slight decline from $4.08 billion in 2022, providing 4.15 months of import cover.

Bank of Uganda begun buying gold from local minersin a bid to boost its foreign reserves. Bwesigye Don Binyina, the Executive Director at Africa Centre for Energy and Mineral Policy (ACEMP) told Journalist in Kampala that apart from buying from the artisan miners, the Central Bank also makes purchases the refineries located in Kampala and ...

Press release for the T-bill auction results issue No.1157 July 19, 2023; Press release for the T-bill auction results issue No.1156 July 05, 2023; ... Location of Bank of Uganda. 1. Bank of Uganda Headquarters is located on Plot 37/45 Kampala Road. 2. The Bank has 9 branches headed by Branch Managers in Kampala, Jinja, Mbale, Gulu, Mbarara ...

Gold, according to Bank of Uganda data, gold is Uganda’s largest export, contributing 44 percent of total export volume. ... The Mining and Minerals (Amendment) Bill, 2021, which is before the ...

Dr Adam Mugume, the Bank of Uganda director research, said yesterday “we are in the process of diversifying international reserves to include monetary gold”, noting that gold will be purchased ...

According to data from Bank of Uganda, gold is Uganda's leading export, contributing at least 44 per cent of total export volumes. The Bill, which is part of a raft of tax mobilisation efforts by ...

Bank of Uganda (BoU) is set to finalise a domestic gold purchase programme aimed at bolstering the country's gold reserves and mitigating risks associated with international financial markets. This initiative is expected to contribute significantly to the national economy, with projections indicating that Uganda could export more than $3.1 ...

The Bank reported that gold exports more than quadrupled to US$2,803.14 leading to a net gold export of US$139 million after the tax disputes on gold exports that had led to the halting of gold trade were resolved. The Ministry of Energy in 2022 said exploration surveys indicate that Uganda had gold ore deposits of about 31 million tonnes.

According to Bank of Uganda, cumulative gold exports between February 2020 and February 2021, stood at $2b (Shs7.6 trillion), which was at least 44 per cent of $4.57b total export earnings.

Bank of Uganda to Start Buying Gold Domestically. Submitted by edpr on Sun, 08/18/2024 - 19:58 . In a bid to support its foreign reserves and addressing associated risks in the international financial markets, Central Bank of Uganda will start purchasing locally-produced gold. ...

Vision of Bank of Uganda. To be a centre of excellence in upholding macroeconomic stability. Location of Bank of Uganda. 1. Bank of Uganda Headquarters is located on Plot 37/45 Kampala Road. 2. The Bank has 9 branches headed by Branch Managers in Kampala, Jinja, Mbale, Gulu, Mbarara, Kabale, Fort Portal , Arua and Masaka towns.

But even as the Bank of Uganda plans to roll out its ambitious gold plans, it will have to deal with Uganda’s hidden gold skulls. On 29th November 2023, Uganda, through the Ministry of Energy and Mineral Development, joined other Eastern and Southern African countries to launch the issuance of the International Conference on the Great Lakes ...

The Bank of Uganda (BoU) has introduced stringent guidelines for purchasing gold from the local market, aiming to safeguard the integrity of its gold acquisition program and bolster foreign reserves. To ensure traceability and authenticity, the guidelines prioritize direct sourcing from artisanal, small, medium, and large-scale miners. A pre-qualification process will be implemented for gold […]

INSIDE STORY: Bank of Uganda moves to purchase gold from Ugandans as exports hit UGX 514 billion in three months. by Paul Murungi July 11, 2024 July 14, 2024. Share; Tweet; Pin it; Share; Email; More; Bank of Uganda Deputy Governor Micheal Atingi- Ego. Ugandans are set to earn big from gold sales as the Bank of Uganda (BOU) initiates a Domestic ...

Uganda’s foreign exchange reserves shrank 4.3 percent in the three months to the end of July 2024 to 3.3 billion dollars, equivalent to about three months of imports, down from 3.5 billion at the end of April, according to the Bank records. This prompted it to seek other means of improving the reserve position, hence the gold-purchase position.

Kampala, Uganda | THE INDEPENDENT | Uganda’s central bank has urged borrowers to prepare for high interest rates due to tightening financial conditions and increased government borrowing on the domestic market. The Bank of Uganda raised the central bank rate from 9.5% in January to 10.25% in April to combat inflation, a decision that saw commercial banks increase their lending rates by 20 ...

The Bank reported that gold exports more than quadrupled to US$2,803.14 leading to a net gold export of US$139 million after the tax disputes on gold exports that had led to the halting of gold trade were resolved. The Ministry of Energy in 2022 said exploration surveys indicate that Uganda had gold ore deposits of about 31 million tonnes.

The Bank of Uganda (BOU) has said it will start buying gold locally from artisanal miners to support the government’s ongoing value addition to the minerals and import substitution strategy ...