Bank of Uganda
Encyclopedia
The Bank of Uganda 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.
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 (4), and not more than six (6), 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
.
carries out the following functions:
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
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 DirectorsBoard of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
of the Bank of Uganda is the supreme policy making body of the Bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
. It is chaired by the Governor
Governor
A governor is a governing official, usually the executive of a non-sovereign level of government, ranking under the head of state...
and in his/her absence by the Deputy Governor
Deputy Governor
A Deputy governor is a gubernatorial official who is subordinated to a governor, rather like a Lieutenant governor.-British colonial cases:In the British empire, there were such colonial offices in :...
. The duties and powers of the Board
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
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
President of Uganda
-List of Presidents of Uganda:-Affiliations:-See also:*Uganda*Vice President of Uganda*Prime Minister of Uganda*Politics of Uganda*History of Uganda*Political parties of Uganda...
appoints both the Governor of the Bank and the Deputy Governor, on the advice of the Cabinet
Cabinet of Uganda
According to the Constitution of Uganda, "there shall be a Cabinet which shall consist of the President, the Vice President and such number of Ministers as may appear to the President to be reasonably necessary for the efficient running of the State."...
for five-year renewable terms. Other members of the Board (not less than four (4), and not more than six (6), 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
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
.
Duties
In the process of fulfilling the Bank's mission, the BankBank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
carries out the following functions:
- 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 UgandaUgandaUganda , officially the Republic of Uganda, is a landlocked country in East Africa. Uganda is also known as the "Pearl of Africa". It is bordered on the east by Kenya, on the north by South Sudan, on the west by the Democratic Republic of the Congo, on the southwest by Rwanda, and on the south by...
- 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.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 (7) currency centers in the following cities and towns:- Arua Currency Center - AruaAruaArua is a town in Arua District, Northern Uganda. An important local commercial centre, it is a base for a large refugee population from Southern Sudan and the Democratic Republic of the Congo and is an aid distribution centre for those nations.-Location:...
- Fort Portal Currency Center - Fort PortalFort PortalFort Portal is a town in Western Uganda. It is the seat of both Kabarole District and Toro Kingdom.-Location:Fort Portal is located approximately by road, west of Kampala, Uganda's capital and largest city, on an all-tarmac two-lane highway...
- Gulu Currency Center - GuluGuluGulu is a city in Northern Uganda. It is the commercial and administrative centre of Gulu District. The city is located at 2˚46'48N 32˚18'00E, on the metre gauge railway from Tororo to Pakwach. Gulu is located approximately , by road, north of Kampala, Uganda's capital and largest city...
- Jinja Currency Center - JinjaJinja, UgandaJinja is the largest town in Uganda, Africa. It is the second busiest commercial center in the country, after Kampala, Uganda's capital and only city. Jinja was established in 1907.-Location:...
- Kabale Currency Center - KabaleKabaleKabale is a city in Western Uganda. It is the 'chief town' of Kabale District and the district headquarters are located there. The district is named after the town.-Location:...
- Masaka Currency Center - MasakaMasakaMasaka is a town in Central Uganda, lying west of Lake Victoria. It is the chief town of Masaka District. Besides being the headquarters of Masaka District, the town is the regional headquarters and largest metropolitan area in Lyantonde District, Sembabule District, Lwengo District, Bukomansimbi...
- Mbale Currency Center - MbaleMbaleMbale is a city in Eastern Uganda. It is the main municiplal, administrative and commercial center of Mbale District and the surrounding sub-region. The district is named after the town.-Location:...
External links
See also
- Uganda Shilling
- Ugandan Financial Institutions
- Banking in UgandaBanking in Uganda-The early years:Prior to Uganda’s independence in 1962, Government-owned institutions dominated most banking in Uganda. In 1966 the Bank of Uganda, which controlled the issue of currency and managed foreign exchange reserves, became the Central Bank. Uganda Commercial Bank, which had fifty...