BoU Directs Banks to Submit Plans for $500bn Credit Expansion

KAMPALA — Bank of Uganda has directed supervised financial institutions to submit board-approved strategies showing how they will support a more than sixteen-fold increase in private-sector credit by 2040, as the country pursues its goal of building a $500 billion (Shs 490tn) economy. Governor Michael Atingi-Ego said banks and other regulated institutions must explain how …