Bank of Uganda

The Bank of Uganda was established in the year 1966. It is the national bank of Uganda, which issues the national currency of Uganda.

Monetary Policy

Uganda's monetary policy focuses on price stability and a sound financial system. Monetary policy is enforced by the Monetary and Credit Policy Committee (MCPC). Some of the major functions of Monetary and Credit Policy Committee are:

Formulating conduct of monetary policy to maintain price stability.

Implementing government objectives of maintaining sustainable growth.

Maintaining consistent liquidity in the money.

Following up developments in the foreign exchange market.

Supporting macro economic stability.

Coordinating Fiscal policies with monetary policies.

Supervision and regulations

Supervision guarantees to maintain a safe and sound financial system, which ultimately facilitate macroeconomic stability in Uganda. Bank of Uganda is authorized to supervise financial establishments in Uganda. Laws enacted by the legislative body of the Bank of Uganda are:

• The Intervention Policy By government Of Uganda 1997
• The Micro Finance Deposit Taking Institutions Act 2003
• The Financial Institutions Act, 2004
• The Micro Finance Deposit Taking Institutions (Licensing) Regulations 2004
• The Foreign Exchange Act, 2004

Financial establishments which are supervised by Bank of Uganda are Commercial Banks, Forex Bureaux, Microfinance Instutions, Credit Institutions.

Currency

Currency of Uganda is Ugandan shilling (UGX). Bank of Uganda is the sole authority to issue Ugandan currency, banknotes and coins as legal tender.

Social activities

Bank of Uganda maintain a good relationship with the society. Some of the social activities of the Bank of Uganda include the Provision of annual assistance to Uganda Securities Exchange, Institute of Corporate Governance and Capital Market Authority.