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
Minister promotes cassava growing
Cassava farmers should add value to their produce to meet the rising demand for the crop in local and regional markets, finance state minister, Fred Jachan Omach, has said....
Parliament set to scrap taxes on agricultural inputs
The House is today poised to adopt a finance committee report that recommended that the proposed 18% Value Added Tax (VAT) on agricultural inputs and equipment be scrapped...
EAC boss decries non-tariff barriers within Community
There is still slow progress in the removal of Non-Tariff Barriers in the East African Community (EAC) despite efforts in implementing commitments made in the customs union and common market protocol....
Uganda
The Lord Mayor of London says Uganda’s 6% economic growth per year is an enviable success compared to other giant and emerging economies....
NDA arrests herbalists for vending fake drugs
Sixteen herbalists including four Kenyans Masai medicine men have been arrested by National Drug Authority (NDA) in Kampala for hawking fake drugs....
UTB partners with Golf club to woo tourists
No sport draws crowds of the world’s most extravagant spenders like golf. It is with this in mind that Uganda Tourism Board (UTB) has positioned itself to utilise golf as an avenue to promote Uganda’s tourism....
Will early retirement solve Uganda’s unemployment problem?
Yes
No
Can't Say
follow us
subscribe to our news letter