Business
Mutebile optimistic about economic growth
Publish Date: Jun 30, 2014
Mutebile optimistic about economic growth
Prof. Emmanuel Tumusiime Mutebile (right) talks Standard Chartered bank official
  • mail
  • img
newvision

By Oyet Okwera & Cynthia Aber

Bank of Uganda Governor, Prof. Emmanuel Tumusiime Mutebile has urged commercial banks to increase business foot prints across the nation.


Mutebile believes that financial inclusion can be increased through bringing financial services closer to the people opposed to the city centre business transaction.

He observed that the ongoing growth of commercial banks is attributed to the bright future of banking prospects in Uganda.
“We expect real economic growth to edge up in the next fiscal year to 6.2 % from the projected 5.7 % in 2013/2014,” said Mutebile.

He explained that growth will be higher because of increased demand in the economy driven by a more expansionary fiscal stance and continued recovery of private sector spending.

Mutebile noted that faster economic growth will support the recovery of loan demand from the private sector which has been weak in the last 3 years.

Mutebile was speaking during the launch of a Standard Chartered bank branch at Acacia mall in Kisementi, Kampala.
He expects growth of bank lending to the private sector to accelerate to about 15% in the next fiscal policy compared to 12% in the current fiscal policy.

Government requires over sh1.4 trillion from the domestic market in the form of treasury bills and bonds to finance its budget in the next fiscal year, he said.

 

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
Security, infrastructure boosted in revised budget
In the latest revised draft budget, security, energy and the transport sector have been allocated more resources in the 2015/2016 budget....
War pushes S. Sudan
Soaring inflation and a likely currency collapse are adding to South Sudan''s woes after 17 months of civil war....
Struggling BlackBerry announces new round of layoffs
BlackBerry is laying off workers around the world as the struggling smartphone manufacturer tries to make its device business profitable....
Women empowered financially through steel
Lydia Mwesigwa is a marketer by profession who at first didn't have any interest in owning a steel manufacturing plant apart from earning a salary from it....
UIA to host Kampala private equity and venture capitalist conference
Uganda Investment Authority (UIA) will host the first Kampala private equity and venture capitalist conference from 24th to 25th June 2015....
China
Li Hejun, the wealthiest man in China until this week, saw his fortune by as much as $15 billion in a half-hour as the stock in his company, Hanergy Thin Film Power Group, fell by nearly half....
Should politicians be banned from addressing religious gatherings?
Yes
No
Can't Say
follow us
subscribe to our news letter