Latest news with #RamathanGgoobi
TimesLIVE
17-07-2025
- Business
- TimesLIVE
Uganda's reserves rise by a third due to central bank forex purchases
Uganda's foreign exchange reserves rose by about a third over the past year, after what a central bank official described as direct purchases by the bank following healthy forex inflows from commodity exports and offshore sales of government bonds. Gross reserves stood at $4.3bn (R76.93bn) in June, equivalent to 3.8 months of import cover and up from $3.2bn (R57.25bn) a year earlier, the finance ministry's Permanent Secretary Ramathan Ggoobi told a press conference. Jimmy Apaa, the central bank's director for financial markets, told Reuters the bank had bought close to $2.2bn (R39.36bn) from the foreign exchange market from July 2024 to June 2025 to boost reserves. Healthy foreign-currency inflows from exports of commodities such as coffee and cocoa and offshore flows into Ugandan government bonds for their relatively high interest rates had helped the bank make the purchases, Apaa said. The Bank of Uganda has previously said it plans to buy gold to diversify its reserve holdings. Uganda's economy has recorded strong growth in recent years, supported by oil-sector investments and infrastructure spending. But rising government debt and servicing costs have threatened the sustainability of public finances.
TimesLIVE
22-05-2025
- Business
- TimesLIVE
Uganda signs $800m financing deal with Islamic Development Bank
Uganda has signed a $800m (R18.39bn) financing agreement with the Islamic Development Bank to support projects, including a planned railway, that aim to boost the landlocked east African country's trade, its finance ministry said. The railway will connect to neighbouring Kenya's Standard Gauge Railway and on to the Indian Ocean port of Mombasa. Other projects to be financed under the three-year deal will be in sectors such as health, transport and energy infrastructure. The agreement was signed by Ramathan Ggoobi, the finance ministry's most senior technocrat, and the bank's vice-president Rami Ahmed at the Saudi Arabia-headquartered development bank's annual meeting in Algiers, the ministry said on X late on Wednesday
Reuters
22-05-2025
- Business
- Reuters
Uganda signs $800 million financing deal with Islamic Development Bank
KAMPALA, May 22 (Reuters) - Uganda has signed a $800 million financing agreement with the Islamic Development Bank to support projects, including a planned railway, that aim to boost the landlocked east African country's trade, its finance ministry said. The railway will connect to neighbouring Kenya's Standard Gauge Railway and on to the Indian Ocean port of Mombasa. Other projects to be financed under the three-year deal will be in sectors such as health, transport and energy infrastructure. The agreement was signed by Ramathan Ggoobi, the finance ministry's most senior technocrat, and the bank's Vice President Rami Ahmed at the Saudi Arabia-headquartered development bank's annual meeting in Algiers, the ministry said on X late on Wednesday.
Bloomberg
05-02-2025
- Bloomberg
Uganda Arrests Treasury Officials After Central Bank Cash Heist
Ugandan police arrested at least nine Finance Ministry officials amid an investigation into the loss of 60 billion shillings ($16 million) from the central bank after the money was sent to unintended recipients. Officials attached to the Office of the Accountant General in the ministry were detained after responding to a Criminal Investigation Department summons to facilitate the probe, Secretary to the Treasury Ramathan Ggoobi said in a statement on the ministry's X account, without giving details.
