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
Textile manufacturers want the national textile policy implemented
Textile industries are pushing for the implementation of a National Textile Policy. They also want government institutions compelled to buy textiles from local companies....
BOU has no influence on govt spending
There have been allegations in the media that Bank of Uganda printed money for the 2011 elections, which led to the high inflation rate at the time....
UAE Exchange honoured at FiRe Awards 2014 in Uganda
UAE Exchange, the leading global money transfer, foreign exchange and payment solutions brand, has been honoured with the Certificate of Recognition for Outstanding achievement in Financial Reporting under Forex Bureau category in FiRe Awards 2014 in Uganda....
Pakistan to facilitate Uganda businessmen to exhibit in Karachi
A section of Ugandan business comminity is set to widen its business scope into Pakistani following new interventions to boost economic ties between the two nations....
Tourism board to use PR firms to market Uganda
The Uganda Tourism Board (UTB), the body charged with marketing the country as a tourism destination of choice, has adopted the use of foreign public relations firms to sell Uganda after traditional marketing registered minimal success....
Ministry wants local drug makers protected
The health ministry has supported the quest by local manufacturers of medicines and other health supplies to be protected from foreign competition to enhance citizens’ access to drugs....
Should workers be subjected to a 4% Health Insurance Tax??
Yes
No
Can't Say
follow us
subscribe to our news letter