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Annual Report 2017-2018

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Annual Report 2017-2018 Annual Report 30 June 2018 Bank of Uganda Annual Report 2017/18 1 Table of Contents Page Table of Contents ................................................................................................................................. 1 List of Figures ...................................................................................................................................... 2 List of Tables ....................................................................................................................................... 3 Abbreviations & Acronyms........................................................................................................................ 4 Registered Addresses.............................................................................................................................. 7 1 Governor’s Foreword ....................................................................................................................... 8 2 Board of Directors and Management Structure ......................................................................................... 9 3 Corporate Governance ................................................................................................................... 11 4 Economic Developments and Prospects ................................................................................................ 22 5 Financial Markets Developments ........................................................................................................ 39 6 Banks Supervision ......................................................................................................................... 47 7 Financial Inclusion ........................................................................................................................ 50 8 Banking, Currency and National Payment Systems ................................................................................... 55 9 Petroleum Revenue Investment Fund .................................................................................................. 63 10 Agricultural Credit Facility (ACF) ....................................................................................................... 66 11 Information Technology .................................................................................................................. 70 12 Financial Results for the Year Ended June 30, 2018 ................................................................................. 71 13 Directors’ Report ......................................................................................................................... 78 14 Statement of the Directors’ Responsibilities .......................................................................................... 80 15 Report of the Auditor General to Parliament ......................................................................................... 81 16 Financial Statements ..................................................................................................................... 85 17 Notes to the Financial Statements for the Year Ended June 30, 2018 ............................................................. 89 18 Appendices ............................................................................................................................... 155 Table of Contents 2 Bank of Uganda Annual Report 2017/18 List of Figures Page Figure 1: Global Commodity Price Developments ...................................................................................... 25 Figure 2: The CBR, Overnight and 7-day Interbank Money Market Rates ........................................................... 28 Figure 3: Yields on Treasury Bills ......................................................................................................... 29 Figure 4: Interest Rates by Sector........................................................................................................ 30 Figure 5: Annual Private Sector Credit Growth by Sector ............................................................................. 31 Figure 6: Net Extensions of Loans by Banks ............................................................................................. 32 Figure 7: Annual Percentage Growth of Monetary Aggregates ....................................................................... 32 Figure 8: GDP growth ...................................................................................................................... 34 Figure 9: Balance of Payments ........................................................................................................... 36 Figure 10: Trends of Selected EAC Partner State Exchange Rates .................................................................... 38 Figure 11: Treasury Securities Outstanding Stock by Holder Category as at June 30, 2018 ....................................... 42 Figure 12: Government Securities Benchmark Yield Curve Comparisons: June 2017 vs June 2018 ............................... 43 Figure 13: Secondary Market Trades of Government Securities Jul-2016 to Jun-2017 ............................................. 44 Figure 14: Grain Storage Facility and Financing crop farming ......................................................................... 69 List of Figures Bank of Uganda Annual Report 2017/18 3 List of Tables Page Table 1: Composition and Membership as at June 30, 2018 ......................................................................... 13 Table 2: Attendance of the Board and of the Board Committees: July – November 2017 & March – June 2018 .............. 14 Table 3: Global Growth Projections 2016-2019 ........................................................................................ 23 Table 4: Inflation Developments in Selected Countries and Euro zone 2015-2018 ................................................ 24 Table 5: Global Trade Growth ........................................................................................................... 26 Table 6: Commercial Banks’ Interest Rates ............................................................................................ 30 Table 7: Developments in Domestic Inflation .......................................................................................... 33 Table 8: Fiscal Performance in FY 2017/18 (UGX Billions) ........................................................................... 35 Table 9: Indicators of Public Debt Stock ............................................................................................... 35 Table 10: Key Supply Side Financial Inclusion Indicators .............................................................................. 54 Table 11: Value of Currency in Circulation .............................................................................................. 56 Table 12: Issuance Trend .................................................................................................................. 56 Table 13: Impact of enhanced currency processing .................................................................................... 57 Table 14: EFT and Cheque payments for the FY 2017/18 and FY 2016/17 .......................................................... 59 Table 15: Summary of transactions on the Petroleum Fund 2017/18 ................................................................ 64 Table 16: ACF Portfolio grouped by activity funded as at June 30, 2018 ........................................................... 69 Table 17: Breakdown of interest income ................................................................................................ 71 Table 18: Actual expenditure according to core functions of the Bank ............................................................. 73 Table 19: Income and Expenditure trends over a period of 5 years .................................................................. 76 Table 20: Credit Risk Profile.............................................................................................................. 138 Table 21: Credit risk exposure by credit ratings FY 2017/18 ........................................................................ 139 Table 22: Credit risk exposure by sector FY 2017/18 ................................................................................. 140 Table 23: Credit risk exposure by sector FY 2016/17 ................................................................................. 140 Table 24: Credit risk exposure by geographical location FY 2017/18 ............................................................... 140 Table 25: Credit risk exposure by geographical location FY 2016/17 ............................................................... 141 Table 26: Liquidity profile 2017/18 ..................................................................................................... 141 Table 27: Liquidity profile 2016/17 ..................................................................................................... 142 Table 28: Interest risk analysis 2017/18 ................................................................................................ 143 Table 29: Interest risk analysis 2016/17 ................................................................................................ 143 Table 30: Interest risk sensitivity analysis FY 2017/18................................................................................ 144 Table 31: Interest risk sensitivity analysis
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