Upon the settling of political dust in first and second quarter of 2011, Uganda has wakened to serious economic turbulence that has
left businessman and legislator alike blaming each other as who could be the trouble causer.
I have witnessed prices steadily rise to record heights, Petrol by almost 30% to a hopping UGX3700 a liter, and a Kilo of G. nuts, popular among Uganda homes for the bad financial times, rising by 100% to UGX6000. Kikuubo traders closed shop for 2 grueling days in protest ,as we watched the Uganda shilling tumble to its all time lows against the US Dollar to 2700, all this happening in just weeks of swearing in of the new government.
Be that as it may, some Goldman Sachs of Uganda are raking in profit as the Uganda Economic turmoil sweeps the man on the street. Foreign companies have repatriated profits to shareholders in dollars, Thermal power generators have ripped billions and we have continued to see significant foreign investments being sunk into the country from the World Bank, Foreign Venture Capitalists and remittances; Uganda coffee exports are also projected to increase by 20 percent for the month of July.
Meanwhile commercial Banks have had to raise their interest rates following Bank of Uganda's tight monetary stance, and consequently, we begun seeing the Shilling stabilize against the Greenback. At the Bourse, we saw less demand last week with only four companies trading.
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Top BusinessTravel Stories
A weak currency tied with high global energy costs and rising inflation is pushing the costs of doing business,
forcing businesses to raise prices as they struggle to meet their operational costs. ...Continue Reading
Corporate demand for dollar pushes Uganda shilling to 2,620...Continue Reading
Uganda Shilling stabilises against dollar...Continue Reading
The tight monetary stance being observed by the Bank of Uganda (BOU) is poised to push
lending rates up ...Continue Reading
Most commercial banks in Uganda have raised their loan interest rates
following Bank of Uganda's decision to raise its lending rates to them. ...Continue Reading
The World Bank has agreed to give Uganda a $120m loan to upgrade the Kawanda-Masaka
transmission line....Continue Reading
Uganda Government to process the sh31b approved to pay off the thermal
power generators ...Continue Reading
France gives long-term sh25b loan to the Housing Finance Bank ...Continue Reading
Among the venture capitalists who have rushed in to seize and capitalise on the virgin money market in Uganda,
ahead of the expected oil boom, are; Goldman Sachs, Morgan Stanley, Warburg Pincus, Norfund and Fanisi.
Coffee exports from Uganda, one of Africa's leading exporters of the beans,
is expected to rise by 20.2 percent in July....Continue Reading
Remittances to Africa hit USD40b ...Continue Reading
On the Equity Market
Trading during the week spanning from Monday 11th July 2011 to Friday 15th July 2011 when the market closed,
activity was characterized by less demand as compared to the outstanding offers
and mainly as only four companies traded....Continue Reading
Featured Real Estate
In this edition of The BusinessTravel News I will share with you the Golden Yellow painted real estate property that has caught my attention this month so far.
The home is a beautiful 5 bed roomed house located on bunga-hill, a high end Kampala suburb, and is seated on approximately 80 decimals of land. The house has electricity, piped water, well a furnished kitchen, tiled floor, guest & servant quarters, a sizable compound and a kennel for your dog .
You can own this luxurious house at only 850m Uganda shillings that is slightly under USD340,000 at the current volatile exchange rate. This price is 50m less the original 900m.
As the saying goes "pictures speak louder than words", enjoy the pictures that I have snapped specially for you!
If you wish to Buy or Visit this house, find out more information by calling +2567782196417, +256702294363
Or send us an Email.
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