Bank of Uganda

The Bank of Uganda (BOU) is the Central Bank of the Republic of Uganda. Established in 1966, by Act of Parliament, BOU is 100% owned by the Government of Uganda, but is not a government department.

Organization and Governance

The Board of Directors of the Bank of Uganda is the supreme policy making body of the Bank. It is chaired by the Governor and in his/her absence by the Deputy Governor. The duties and powers of the Board are provided for under the Bank of Uganda Act. This Act bestows upon the Board the responsibility for the general management of the affairs of the Bank. The Board formulates Bank policies and ensures that anything required to be done by the Bank under the statute as well as anything else that is within or incidental to the functioning of the Bank is carried out.

The President of Uganda appoints both the Governor of the Bank and the Deputy Governor, on the advice of the Cabinet for five-year renewable terms. Other members of the Board (not less than four, and not more than six, are appointed by the Minister of Finance for three-year renewable terms. The Secretary to the Treasury is an ex-officio member of the Board.^[2]

Duties

In the process of fulfilling the Bank's mission, the Bank carries out the following functions: ^[3]

• Issue Uganda's national currency/legal tender, the Uganda Shilling (UGX)
• Regulate money supply using monetary policy
• Act as Banker to the Government of Uganda
• Act as Banker to Commercial Banks
• Supervise and regulate Financial Institutions in Uganda
• Manage the country's external/foreign reserves
• Manage Uganda's external debt
• Advise the Government of Uganda on financial and economic issues

Management

The detailed management structure of the Bank of Uganda is outlined at the Bank's web site. ^[4]

Currency centers

The central bank maintains currency centers in various locations around the country, whose purpose is to store, process and monitor the supply of currency to the government and private financial institutions in the surrounding cities, towns and villages. There are a total of seven currency centers in the following cities and towns:^[5]

1. Arua Currency Center - Arua
2. Fort Portal Currency Center - Fort Portal
3. Gulu Currency Center - Gulu
4. Jinja Currency Center - Jinja
5. Kabale Currency Center - Kabale
6. Masaka Currency Center - Masaka
7. Mbale Currency Center - Mbale

Financial Inclusion

The Bank is active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion. It is also one of the original 17 regulatory institutions to make specific national commitments to financial inclusion under the Maya Declaration^[6] during the 2011 Global Policy Forum held in Mexico.

External links

• Bank of Uganda Website
• Uganda Ministry of Finance
• Bank of Uganda Annual Reports

See also

• Uganda Shilling
• Ugandan Financial Institutions
• Banking in Uganda

References

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