Tag: Crested Capital
This is how COVID-19 is impacting Uganda’s growth outlook
Uganda’s Central Bank cut its benchmark lending rate by 100 basis points, taking it down to 7 per cent, to support the East African nation’s economy as it downgraded projected growth. According to the government, the pace of Uganda’s economic expansion is expected to decline by more than half in the financial year to June 30 to between 2.5-3.5 per cent. Oscar Emasu, Research Analyst at Crested Capital joins CNBC Africa for more.
Uganda secures $491.5mn loan from IMF to address economic impact of COVID-19
The International Monitory Fund executive board approved US$491.5 million under the Rapid Credit Facility, to help Uganda address the economic impact of the COVID-19 pandemic. Moreover, According to Uganda Electricity Transmission Company Limited there has been a marginal drop of in demand for electricity by 10 per cent since the country went into lock-down in March. Oscar Emasu, Research Analyst at Crested Capital joins CNBC Africa for more.
Annual market review: This is how Uganda Securities Exchange performed in 2019
Bank of Uganda (BoU) held its last Treasury Bills (T-Bill) auction of 2019 on December 18th to raise $59.96 million. However, the previous bill auction had an underwhelming performance in terms of amount raised with the Central Bank only managing 88.07 per cent of the amount offered. Also last week, trading turnover dropped by 36.36 per cent to 23.81 relative to $37.28 million the previous week. Oscar Emasu, Research Analyst at Crested Capital joins CNBC Africa for a review on how the money market faired this year.
Uganda encourages local ownership, orders telcom operators to list on local bourse
As part of a move to encourage local ownership in the Capital Market, Uganda has ordered telecoms operators, of which most of them are foreign-owned to list on the local bourse, giving them two years to list at least 20 per cent of their shares. Oscar Emasu, Research Analyst at Crested Capital joins CNBC Africa for more.
Bank of Uganda cuts main lending rate to 9.0%
In Uganda, the central bank cut its key lending rate by 100 basis points to 9.0 per cent with the aim to revive economic growth in the country. Oscar Emasu, Research Analyst at Crested Capital joins CNBC Africa for more.
Oil firms to resume operations after long halt over capital gains tax
Ugandan oil companies have caved in to pressure and proposed fresh dialogue to resolve the current standoff with the government, a month after suspending all technical activities in Uganda’s budding oil and gas sector. Research Analyst at Crested Capital, Oscar Emasu joins CNBC Africa for more.
Increased spending potentially widens budget deficit to 8.7% of GDP: Uganda Market Watch
Uganda is seeking $3.5 billion in private investment to expand its power-transmission network in attempt to curb spending without slowing its economic growth. Also, a $3.5 billion project allowing exports of Ugandan oil via Tanzania will proceed after both countries held talks and met with businessmen. For more on this matter, Research Analyst at Crested Capital, Oscar Emasu joins CNBC Africa for more.
Bank of Uganda maintains repo rate at 10%
Last week in the Monetary Policy Committee (MPC) meeting, Bank of Uganda moved to maintain the Central Bank Rate at 10 per cent. Economic growth in Financial Year 2019/2020 is projected at 6-6.3 per cent supported by the accommodative monetary policy that resulted in stronger growth in private sector credit, expansionary fiscal policy and multiplier effects of public infrastructure investments. Oscar Emasu, Research Analyst at Crested Capital joins CNBC Africa for more.
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