BANK OF UGANDA

GULU ARUA

MBALE Mission To Foster Price Stability and a Sound Financial System JINJA

KAMPALA FORT PORTAL

MASAKA

MBARARA

KABALE

2020 STATISTICAL ABSTRACT

BANK OF UGANDA

2020 STATISTICAL ABSTRACT

Published by

The Research and Policy Directorate Bank of Uganda Plot 37-45 Kampala Road, P.O. Box 7120, Kampala Tel: +256–414-258441/6, 0312-392000; Fax: +256–414-259336/254760 Email: [email protected]; Website: http://www.bou.or.ug

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FOREWORD This is the tenth edition of the annual Bank of Uganda Statistical Abstract produced by the Statistics Department.

The BOU Statistical Abstract provides information on developments in the external, monetary and financial sectors. This bulletin also covers statistics collected within the Bank during its course of operations such as data on the payments systems, exchange rates and in conducting its duty as a financial agent of government in domestic public debt management – the issuance and redemption of treasury bonds and bills. While a considerable part of these statistics is also available in other publications, those that are included in this Abstract provide greater detail and coverage. The BOU Statistical Abstract, therefore, fulfills one of the Bank’s strategic initiatives aimed at enhancing dissemination of information to the public.

The BOU welcomes feedback on this publication and other statistics disseminated such as those on the Statistics page on the Bank of Uganda website:- www.bou.or.ug. We sincerely hope that this publication will greatly benefit its users.

Management, Bank of Uganda

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ACRONYMS

AfDB/F African Development Bank/Fund ATM Automated Teller Machine BADEA Banque Arabe pour le Développement Economique en Afrique (Arab Bank for Economic Development in Africa) BIS Bank for International Settlement BOP Balance of Payments BOU Bank of Uganda BPM5 Balance of Payments Manual, Fifth Edition BPM6 Balance of Payments and International Investment Position Manual, Sixth Edition CAB Current Account Balance CHF Swiss Franc CIF Cost, Insurance and Freight CIs Credit Institutions CRB Credit Reference Bureau CY Calendar Year – 1st January to 31st December. DCS Depository Corporations Survey DKK Danish Kroner EIB European Investment Bank ESOs Employee Stock Options FOB Free On Board FY Financial Year - 1st July to 30th June GBP British Pound HIPC Heavily Indebted Poor Countries Initiative ICBT Informal Cross Border Trade IDA International Development Association IDB Islamic Development Bank IFAD International Fund for Agricultural Development IIP International Investment Position

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IMF International Monetary Fund IQD Iraq Dinar KRW Korean Won KWD Kuwait Dinar MDGs Millennium Development Goals MDIs Microfinance Deposit-taking Institutions MDRI Multilateral Debt Relief Initiative MFSM Monetary and Financial Statistics Manual NDF Nordic Development Fund, a joint development finance institution for Nordic countries. NGOs Non-Governmental Organisations n.i.e Not Included Elsewhere NPLs Non-Performing Loans NSSF National Social Security Fund ODC Other Depository Corporations OECD Organisation for Economic Cooperation and Development OFID OPEC Fund for International Development PKR Pakistan Rupee REPO Repurchase Agreement RTGS Real Time Gross Settlement SEK Swedish Kroner SHS Uganda Shillings SR Saudi Riyal

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TABLE OF CONTENTS FOREWORD ...... ii

ACRONYMS ...... iii

TABLE OF CONTENTS ...... v

OVERVIEW ...... vi

KEY DEFINITIONS AND NOTES ...... vii

STATISTICAL TABLES...... xvi

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OVERVIEW

This Bank of Uganda Statistical Abstract is a compilation of some of the key statistics produced in the various departments of the Bank under its mandate to foster price stability and a sound financial system. It is a collection of common economic and financial statistics that are of great use to the public as well as other information that is usually not included in any of the Bank’s other publications.

The statistics in this publication have therefore been compiled by several Departments in the Bank and represent the final product of data collected through surveys, regular reporting forms and data collected in the course of carrying out the Bank’s roles (administrative data). In particular, the Abstract covers statistics from Commercial Banking, Non-Bank Financial Institutions, Financial Stability, Economic Research, Statistics, National Payments & Settlements, and Financial Markets Departments.

This Abstract has been structured starting with a foreword, acronyms and overview, a glossary to define the economic and financial terms used, and tables providing different statistics covering different periods and with differing presentation formats. The statistics provided mainly cover the external, monetary and financial sectors of the economy.

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KEY DEFINITIONS AND NOTES

A stock is a position in, or holdings of, assets and liabilities at a point in time, usually at the beginning and end of the accounting period; stocks result from the accumulation of prior transactions and other flows, and they are changed by transactions and other flows during the period. A stock variable is measured at one specific time, and represents a quantity existing at that point in time, which may have accumulated in the past.

Flows refer to economic actions and effects of events within an accounting period. These actions and effects can include a transaction and other changes in a financial asset or liability such as a change in the volume or price of the asset or liability held. A flow variable is measured over an interval of time. Therefore, a flow would be measured per unit of time (say a year).

The statistics in this abstract comprise of flows, stocks or rates.

FISCAL STATISTICS

Domestic Debt Statistics

Government securities are government debt papers issued for purposes of financing its expenditure and/or for monetary policy purposes. They include treasury bills and treasury bonds.

Face value: The nominal amount assigned to a Treasury bill or bond by the issuer.

Yield: The annual rate of return on an investment expressed as a percentage.

Treasury bill: This is a government security with maturity of one year or less. These are issued in tenors of 91-days, 182-days, and 364-days.

Treasury bond: This is a government security with maturity of more than one year. These are issued in tenors of 2 years, 3 years, 5 years, 10 years, and 15 years.

Primary market is where new securities are sold by the issuer to investors, at prices determined by investors. The primary market is therefore the first sale of a debt security.

On the other hand, the secondary market is the marketplace for the sale and purchase amongst investors, of securities which are already in issue, at prices which are determined by market forces of demand and supply.

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External Debt Statistics

Arrears: The amount of scheduled debt service payments that have fallen due but have not been paid to the creditor(s).

Bilateral Creditor: Government or country which lends to another government (the debtor).

Completion Point: This applies to countries under the HIPC initiative to refer to that point at which a country receives additional public debt relief sufficient to assist it to reach a sustainable level of public debt. The country must have implemented a set of pre-defined structural reforms and remained on track under adjustment programs supported by the IMF and World Bank.

Concessional Debt: Loans and credits that have long maturities and/or below market interest rates such that they have a grant element of 35 percent or more.

Debt Service: Any payment related to a loan; including principal repayments, interest and commission payments.

Disbursed and outstanding debt: The debt stock liability at a point in time. These are loan funds, which have been disbursed to the debtor and still outstanding and may differ from the amount contracted.

Disbursement: The payment made by a lender (creditor) to the borrower of part or the entire amount contracted under a loan or credit line.

Heavily Indebted Poor Countries Initiative (HIPC): HIPC is an initiative set up in 1996 by the World Bank and the IMF, to assist poor countries to reduce their public debt to sustainable levels. Under the initiative, the country’s creditors were expected to provide relief in proportion to their share of debt. Countries were expected to negotiate and conclude bilateral agreements with each creditor.

Loan Commitment refers to the contracted amount or an obligation as expressed in an agreement or an equivalent contract and supported by the appropriation or the availability of funds, undertaken by a creditor to furnish a specified amount under specified financial terms and conditions and for specified purposes for the benefit of a debtor.

Multilateral Debt Relief Initiative (MDRI): This initiative was proposed by the Group of Eight (G8) in 2005, and as a result, three major multilateral institutions namely IMF, IDA and AfDF undertook to cancel 100 percent of eligible debt claims on a group of low income countries. The initiative was intended to help the poor countries advance toward the United Nations’ Millennium Development Goals (MDGs), which were focused on halving poverty by 2015. To qualify for relief under the initiative, a country should have reached the completion point under HIPC. To date, Uganda has received HIPC relief from over 95 percent of her creditors and fully benefitted from the MDRI.

Multilateral Creditors: International institutions, which lend money on concessional and/or non- concessional terms, such as the IMF, World Bank, and regional development banks.

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Paris Club: An informal group of creditor countries (principally OECD countries), which meets in Paris to negotiate debt restructuring agreements with debtor countries experiencing debt servicing difficulties. The permanent Paris Club members are Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Japan, Netherlands, Norway, Russian Federation, Spain, Switzerland, United Kingdom and United States of America.

BALANCE OF PAYMENTS AND INTERNATIONAL INVESTMENT POSITION STATISTICS

The Balance of Payments (BOP) is a statistical statement that systematically summarizes the economic transactions of an economy’s residents with the rest of the world (or non-residents), for a specific time period. The major components of the BOP are the current, capital and financial accounts.

Uganda’s BOP and International Investment Position (IIP) statistics is compiled and disseminated using the standard framework provided in the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6). This follows the migration to BPM6 methodology from the one based on the fifth edition of the Balance of Payment Manual (BPM5) for compilation of the BOP/IIP in 2013. The BPM6 enhances the international comparability of data and is consistent with other macroeconomic statistics such as the System of National Accounts (2008), Monetary and Financial Statistics manual and compilation guide (2016) and Government Finance Statistics manual (2014).

The Current Account records transactions in goods, services, primary income and secondary income between residents and non-residents. The current account balance (CAB) is the net receipts and payments of an economy from/to the rest of the world for goods, services, primary income and secondary income during a specific period.

The Trade Balance is the net transaction in all goods between residents and non-residents (i.e., total receipt from goods exported minus total expenditure on goods imported). Goods cover general merchandise, net exports of goods under merchanting and non-monetary gold. A trade surplus exists when exports exceed imports whereas a trade deficit exists when imports exceed exports.

Services Account records transaction between residents and the rest of the world that arise from the provision of manufacturing, maintenance and repairs, transportation, travel, construction, insurance and pension, financial services, telecommunication and other services. Net Services is the balance of total services exported by a country less those imported.

Primary Income Account shows transactions that accrue to/from an economy for its contribution to the production process by provision of labour, financial resources and renting of natural resources between residents and non-residents. The primary income balance is the difference between receipts and payments between residents and non-residents related to income from Labour, Direct Investment, Portfolio Investment and Other Investment.

Secondary Income Account records current transfers between residents and non-residents. Current transfers are transactions in which resources are provided without the receipt of equivalent economic ix

values in return. Examples of transfers recorded in the secondary income account include official assistance, personal transfers and transfers to NGOs.

Capital Account shows transactions in capital transfers, and the acquisition and disposal of non- produced, non-financial assets between residents and the rest of the world.

Financial Account records transactions that involve the acquisition and disposal of financial assets, and incurrence and repayment of financial liabilities between residents and non-residents. It shows how an economy’s external transactions are financed. Transactions in the financial account are classified into direct investment, portfolio investment, financial derivatives, other investment and reserve assets

Direct investment arises when an investor, resident in one economy, acquires control or a significant degree of influence in the management of an enterprise that is resident in another economy. Operationally in BPM6, direct investment is considered to exist if an investor owns 10 percent or more of the equity (or voting power) in an enterprise. Direct investment comprises equity and other capital invested in the direct investment enterprise by non-residents. Equity comprises paid-up shares, share premium and reinvestment of earnings. Other capital includes debt transactions between foreign affiliates (i.e. related enterprises).

Portfolio investment is defined as cross border transactions and positions involving debt securities (e.g. bonds, bills, etc.) or equity securities, other than that included in direct investment or reserve assets. Investment in tradable equity securities by individuals that amount to less than 10 percent of the total value of shares in an enterprise is regarded as portfolio equity securities (e.g. equities listed on the Uganda Securities Exchange).

Financial Derivatives (other than reserves) and Employee stock options (ESOs) are financial instruments that are linked to a specific financial instrument or indicator or commodity, and through which specific financial risks can be traded in financial markets in their own right. Financial derivatives transactions include option-type and forward-type contracts (e.g. futures, swaps, etc.) traded between residents and non-residents during a specific period. Employee Stock Options (ESOs) are options to buy the equity of a company, offered to employees of the company as a form of remuneration.

Other investment refers to all other financial claims on and liabilities to non-residents that are not classified under direct investment, portfolio investment, financial derivatives and ESOs or reserve assets. Other investment includes other equity (i.e. less 10% which is non-tradable), currency and deposits, loans, insurance pension and standardized guarantee schemes, trade credits and advances, other accounts receivable/payable and special drawing rights allocations.

Reserve assets are foreign financial assets that are readily available to and controlled by the monetary authority of an economy (i.e. Bank of Uganda in the case of Uganda) for funding external payments, meeting BOP financing needs, for intervention in the foreign exchange markets, and for any other related purposes. The reserve assets comprise of foreign exchange (currency, deposits and securities holdings), special drawing rights holdings and the country’s reserve position in the IMF.

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International Investment Position (IIP) is a balance sheet showing the stock of external financial assets and liabilities of an economy at a particular point in time. The IIP is classified by instrument type, which matches that of the financial account of the BOP. The difference between the external financial assets and liabilities is the net IIP of the economy, which represents either its net claims on or net liabilities to the rest of the world.

Free on Board (FOB) is a principle for valuation of general merchandise where the market value of goods used is that taken at the customs frontier of the economy from which the goods are first exported. This principle allows for the uniform valuation of all general merchandise.

Cost, insurance, and freight (CIF) is a principle for valuation of general merchandise that adds the cost of insurance and freight to the importing countries frontier to the initial cost of the good. Imports of goods are usually valued CIF at the point of recording at customs. However, since both insurance and freight are considered services, they are deducted from the cost of imports. Therefore, both exports and imports are recorded in the BOP using the free on board (FOB) valuation.

Not Included Elsewhere (n.i.e.) is an abbreviation used where a category includes items that cannot be classified under any other category. For example, under trade in services, government services n.i.e. include (a) services supplied by and to enclaves, such as embassies, military bases, and international organizations; (b) goods and services acquired from the host economy by diplomats, consular staff, and military personnel located abroad and their dependents; and (c) services supplied by and to governments and not included in other categories of services.

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MONETARY AND FINANCIAL STATISTICS

Monetary Statistics

The monetary statistics involves the analytical presentation of sectoral balance sheets of financial institutions. The sectoral balance sheets are gathered using administrative means (through online systems) and periodic surveys. The compilation of monetary statistics is currently based on the IMF Monetary and Financial Statistics Manual, MFSM 2000 and the Monetary and Financial Statistics Compilation Guide 2008. This facilitates the production of the Depository Corporations Survey (DCS), Other Financial Corporations Survey (OFCS) and finally the Financial Corporations Survey (FCS).

The Depository Corporations Survey (DCS) combines the Central Bank Survey and Other Depository Corporations Survey.

The Central Bank Survey provides an analytical presentation of the information from the balance sheet of the central bank.

The Other Depository Corporations Survey (ODCS) comprises of consolidated balance sheets of supervised financial institutions, which accept deposits included in the national definition of broad money that is commercial banks, Credit Institutions (CIs), Microfinance Deposit-taking Institutions (MDIs) and SACCOs.

Credit Institutions (CIs) are financial institutions whose principal and permanent economic activity is to receive cash deposits and other repayable funds from the public and to grant loans for its own account and in its own name and provide other financing.

Microfinance Deposit-taking Institutions (MDIs) are financial institutions that are involved in the business of accepting deposits from and providing short-term loans or other credit to small micro enterprises and low income households, usually characterized by the use of collateral substitutes, such as group guarantees.

Savings and Credit Cooperatives (SACCOs) are bodies created by a group of people with a common interest (churches, workers' unions, community groups etc.), whose objective is to save collectively, then make loans available to the group's members.

The Other Financial Corporations Survey (OFCS) currently comprises of consolidated balance sheets of non-deposit taking financial institutions, such as Microfinance Institutions, Forex Bureaus, Insurance Companies, Uganda Development Bank, private pension funds, the Deposit Protection Fund and National Social Security Fund (NSSF).

Micro Finance Institutions (MFIs) are companies that access financial resources from the Banks and other mainstream Financial Institutions and provide financial and support services to the poor, usually for profit.

Forex Bureaus are companies that buy and sell foreign exchange in retail or wholesale markets.

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Insurance Companies are corporations that consist of incorporated mutual and other entities whose principal function is to provide life, accident, health, fire or other forms of insurance to individual institutional units or group of units.

Uganda Development Bank Limited (UDBL) is a public enterprise wholly owned by the Government of Uganda and carrying on business as a Development Finance Institution (DFI). It provides credit to the key growth sectors of the economy by financing development projects at attractive terms.

National Social Security Fund (NSSF) is a social insurance scheme to which employers contribute money for the protection of employees against the uncertainties of social and economic life. It covers all employees in the public and private sector including non-governmental organizations.

Base money is the liability of the central bank which supports the expansion of broad money and credit, also known as high-powered money. In Uganda, base money comprises currency issued by the Central Bank, and the transaction balances denominated in Uganda shillings of other depository corporations.

Narrow Money M1 is the sum of currency in circulation and private sector demand deposits held at the Other Depository Corporations.

Broad Money M2 is the sum of M1 and private sector savings and time deposits held at the Other Depository Corporations.

Broad Money M2A is the sum of money supply M2 and certificate of deposits held at the Other Depository Corporations.

Broad Money M3 is the sum of money supply M2A and foreign currency deposits held at the commercial banks, and credit institutions.

Currency in Circulation is currency outside Bank of Uganda and the other depository corporations. It includes notes and coins which are accepted as legal tender and are circulating from bearer to bearer.

Net Domestic Assets (NDA) of the banking system comprise of Net Claims on Government (NCG) by the Central Bank (BOU), and the Other Depository Corporations, plus claims on public entities, other financial institutions and the private sector, minus other items (net).

Net claims on the Central Government (NCG) is the amount advanced to Government plus BOU and Other Depository Corporations’ (commercial banks, credit institutions, microfinance deposit- taking institutions and SACCOs) holdings of Government securities less Government deposits held by and loans to the same institutions.

A Loan or credit line is a financial resource provided by one unit (the lender or creditor), to another (the borrower or debtor). The creditor unit acquires a financial claim, while the debtor unit incurs a liability to pay. In the monetary statistics of Uganda, the ODCs comprise the creditor units while the public and private sector entities are the debtor units.

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Net Foreign Assets (NFA) is derived as Foreign Assets less Foreign Liabilities of Bank of Uganda, and the other depository corporations.

Repurchase Agreement (REPO) is a type of collateralised loan used in the money markets, whereby the seller of a security agrees to buy it back at a specified price and time. The seller pays an interest rate, called the repo rate, when buying back the securities. Bank of Uganda often uses repos to regulate money supply; by buying treasury bills or other government securities from commercial banks to reduce banks’ excess reserves and selling the paper back at a later date.

Financial Stability Indicators

Asset quality indicators are compiled to assess the quality of banks’ credit portfolios. They provide information on the distribution of loans to resident sectors and to nonresidents. They also indicate the likely effect of the bad loans on the capital of the financial institution.

A Non-Performing Loan (NPL) is a loan that has not been serviced for at least 90 days. In other words, it is a loan in default or close to being in default.

Capital adequacy ratios indicate the minimum levels of capital to cushion against potential losses, meet time liabilities, discourage risky lending and, comply with statutory capital requirements, and measure the capacity to withstand non-performing loans (NPL) related losses. Tier I capital comprises shareholders’ equity, share premium, retained earnings, less goodwill. Tier II capital includes subordinated debt and general provisions. The two make up Regulatory Capital.

Risk weighted assets refer to the assets which are weighted for credit risk according to a formula used by the Bank of Uganda, and in conformity to the BIS's capital adequacy guidelines. Risk weights are classified in five categories and range from zero to 100 per cent. By adjusting the amount of each loan for an estimate of how risky it is, this percentage is transformed into a rough measure of the stability of a financial institution. Risk weighting adjusts the value of an asset for risk, simply by multiplying it by a factor that reflects its level of risk. Low risk assets are multiplied by a low factor, high risk assets by 100 percent.

Earnings & profitability ratios measure the efficiency in the use of assets, capital (equity) and other resources. The Return on assets is the measure of profitability and deposit takers’ efficiency in using their assets while Return on equity measures the profitability and deposit takers’ efficiency in using their capital.

Liquidity indicators capture the mismatch of assets and liabilities and provide an indication of the funds available to meet expected and unexpected demands for cash. They also provide an indication of the extent to which an institution can meet deposit-takers’ short-term needs of funds without facing funding problems.

Sensitivity to market risk ratios measure the mismatch of foreign currency asset and liability positions to assess the vulnerability to exchange rate movements and other risks.

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Non-Bank Financial Institutions Indicators

Credit Reference Bureau (CRB) Services: These are information services on potential borrowers provided by a licensed firm to any prospective lenders, aimed at minimizing information asymmetry that could lead to bad loans. In Uganda, a firm called Compuscan CRB Limited was licensed to collect, maintain and avail credit information on potential borrowers to financial institutions.

All financial institutions require borrowers to obtain a financial card as proof that they have been registered with the CRB and that their information is recorded. A borrower must present their financial card to a financial institution when requesting credit services to allow the bank access their past credit information and determine their credit worthiness.

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STATISTICAL TABLES

Table 1.1: Summary holdings (stocks) of government securities as at end 2018, 2019 and 2020...... 1

Table 1.2: Effective yield rates on government treasury bills (%) ...... 1

Table 1.3: Outstanding stock of government securities at face value (billions of shillings) ...... 2

Table 2.1a: Stock of disbursed and outstanding external debt by category of creditor (US$ million) . 3

Table 2.1b: Stock of disbursed and outstanding external debt by category of creditor (% of total) ..... 3

Table 2.2: Currency distribution of disbursed and outstanding external debt (% of total) ...... 4

Table 2.3: Loan commitments (flows) by category of creditor (US$ million) ...... 4

Table 2.4a: Disbursements (flows) on external loans by category of creditor (US$ million) ...... 4

Table 2.4b: Disbursements on external loans by category of creditor (as a percentage of total)...... 5

Table 2.5: Cash external debt service1,3 (flows) (US$ million) ...... 5

Table 3.1a: Balance of Payments statement (flows) - summary table (US$ million) – Quarterly ...... 6

Table 3.1b: Balance of Payments statement (flows) - summary table (US$ million) – CY ...... 7

Table 3.1c: Balance of Payments statement (flows) - summary table (US$ million) – FY ...... 8

Table 3.2a: Exports of goods (flows) (US$ million) – CY ...... 9

Table 3.2b: Exports of goods (flows) (US$ million) – FY ...... 10

Table 3.3a: Imports of goods (flows) (US$ million) – CY ...... 11

Table 3.3b: Imports of goods (flows) (US$ million) – FY ...... 12

Table 3.4a: The services account (flows). (US$ million) – CY ...... 13

Table 3.4b: The services account (flows). (US$ million) – FY ...... 14

Table 3.5: The International Investment Position (stocks), (US$ million) ...... 15

Table 4.1: The Depository Corporations Survey (stocks) (Shs, billion) ...... 16

Table 4.2: The Central Bank Survey (stocks) (Shs, billion) ...... 17

Table 4.3: Other Depository Corporations Survey (stocks) (Shs, billion) ...... 18

Table 4.4a: Commercial bank assets (stocks) (Shs, billion)...... 19

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Table 4.4b: Commercial bank liabilities (stocks) (Shs, billion) ...... 20

Table 4.5: The components of broad money (stocks) – M3 (Shs, billions) ...... 21

Table 4.6: Selected financial soundness indicators for commercial banks (%)...... 22

Table 4.7: Outstanding stock of loans by economic sector from commercial banks (Shs, billion). ... 23

Table 4.8a: Local currency denominated deposit liabilities of commercial banks (Shs, billion)...... 24

Table 4.8b: Foreign currency denominated deposit liabilities of commercial banks (Shs, billion). ... 25

Table 4.9: Weighted average lending rates on shilling and foreign currency denominated loans from commercial banks (%) ...... 26

Table 4.10: Weighted average interest rates on deposits of commercial banks (%) ...... 27

Table 4.11: Official exchange rates (UShs per US Dollar) ...... 28

Table 4.12: Branch and ATM network for commercial banks...... 29

Table 4.13: Outstanding stock of loans by economic sector by MDIs (Shs, billion)...... 30

Table 4.14: Deposit liabilities of MDIs (stocks) (Shs, billion)...... 31

Table 4.15: Outstanding stock of loans by economic sector from credit institutions (Shs, billion). .. 32

Table 4.16: Deposit liabilities of the credit institutions (stocks) (Shs, billion)...... 33

Table 4.17: Branch and ATM network for credit institutions and micro-deposit taking institutionsl 34

Table 5.1: Issuance of financial cards...... 35

Table 5.2: Availability of Credit Reference Bureau (CRB) and Financial Card Services (FCS)...... 36

Table 5.3: Consolidated statement of financial position of SACCOs. (Ushs. billions) ...... 37

Table 5.4: Consolidated statement of financial position of MFIs. (Ushs. billions) ...... 38

Table 5.5a) Outstanding stock of loans by economic sector from SACCOs. (Shs, billion)...... 39

Table 5.5b) Outstanding stock of loans by economic sector from Microfinance Institutions (Shs, billion)...... 39

Table 6.1: Mobile Money Statistics...... 40

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Table 1.1: Summary holdings (stocks) of government securities as at end 2018, 2019 and 2020. Treasury Bills Treasury Bonds 2018 2019 2020 2018 2019 2020 Bank of Uganda 0.0 2.4 0.7 0.0 479.7 489.7 Other Depository Corporations1 3,205.9 3,907.6 4,643.6 2,906.3 3,405.9 5,011.0 Offshore 0.0 0.0 29.5 810.3 1,091.4 1,686.5 Others2 778.6 836.1 875.0 7,006.1 8,232.7 10,229.9 Total Domestic Debt 3,984.5 4,746.1 5,548.8 10,722.7 13,209.6 17,417.1 Source: Financial Markets Department, Bank of Uganda.

Note:

1. Constitutes commercial banks, micro finance deposit-taking institutions and credit institutions. 2. Includes insurance companies, pension funds, government agencies, individuals, and other entities. 3. Stocks are at face value

Table 1.2: Effective yield rates on government treasury bills (%) 2019 2020 Period1 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

91 Days 9.7 9.0 8.7 8.4 8.6 9.4 9.7 9.6 9.6 9.6 9.0 8.7 8.9 8.5 8.1 7.3 7.6 8.3

182 Days 10.8 10.9 10.8 10.4 10.6 11.3 11.4 11.0 11.0 11.8 11.2 10.3 10.5 10.1 9.8 9.4 9.6 10.5

364 Days 11.5 11.6 11.5 11.2 11.6 12.5 13.6 12.6 13.4 12.9 12.4 12.1 12.3 12.2 12.1 12.2 12.8 13.5

Source: Financial Markets Department, Bank of Uganda

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Table 1.3: Outstanding stock of government securities at face value (billions of shillings) Treasury Bills Treasury Bonds Total Domestic Debt

2011 Dec 1,712.4 2,648.6 4,361.0 2012 Dec 2,583.6 3,411.5 5,995.1 2013 Dec 2,801.9 4,552.9 7,354.8 2014 Dec 3,205.8 6,167.2 9,372.9 2015 Dec 3,282.2 7,268.9 10,551.1 2016 Dec 4,401.8 8,013.3 12,415.2 2017 Dec 3,267.0 9,133.8 12,400.8 2018 Dec 3,984.5 10,722.7 14,707.2 2019 Dec 4,746.1 13,209.6 17,955.7

Jan 4,833.2 13,160.3 17,993.4 Feb 4,922.8 13,445.3 18,368.0 Mar 4,987.4 13,329.8 18,317.3 Apr 5,153.9 13,420.8 18,574.7 May 5,074.6 13,694.8 18,769.4 2020 Jun 4,977.5 13,979.8 18,957.3 Jul 5,177.6 14,282.2 19,459.8 Aug 5,377.5 14,902.1 20,279.6 Sep 5,564.2 14,976.1 20,540.3 Oct 5,686.7 15,600.1 21,286.8 Nov 4,629.8 16,328.4 20,958.2 Dec 5,003.9 17,500.4 22,504.3

Source: Financial Markets Department, Bank of Uganda.

Note: Stocks reported at face value.

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Table 2.1a: Stock of disbursed and outstanding external debt by category of creditor (US$ million) Category of creditor 2015/16 2016/17 2017/18 2018/19 Dec2019 2019/20 Dec2020 Bilateral Creditors 1,242.94 1,662.64 2,369.77 2,974.63 2,972.54 3,283.80 3,501.87 Non-Paris Club 1,083.04 1,407.15 1,900.56 2,383.38 2,366.95 2,518.48 2,689.73 Paris Club 159.90 255.49 469.21 591.26 605.59 765.32 812.14 Multilateral Creditors 4,066.29 4,400.52 4,829.97 5,379.82 5,660.17 6,807.71 7,707.27 ADB/F 1,033.44 1,114.21 1,212.72 1,379.52 1,451.92 1,523.59 1,629.06 EIB 64.91 61.90 78.99 82.98 107.27 105.31 135.98 IDA 2,594.17 2,805.61 3,065.94 3,348.97 3,442.07 3,618.63 4,254.78 IFAD 204.97 211.04 222.76 238.53 250.40 254.30 266.38 IMF 0.00 0.00 0.00 0.00 0.00 498.10 519.94 Others3 168.79 207.77 249.56 329.81 408.51 807.78 901.13 Other Creditors 0.00 163.48 150.49 45.78 83.11 413.32 518.30 Other Financial Institutions4 0.00 163.48 150.49 45.78 83.11 413.32 518.30 Grand Total1,2 5,309.23 6,226.65 7,350.23 8,400.23 8,715.83 10,504.82 11,727.44 Source: Statistics Department, Bank of Uganda. Note: 1. Numbers relate to public and publicly guaranteed external debt. 2. Including arrears. 3. Other multilateral creditors include BADEA, IDB, NDF and OFID. 4. Other Creditor Financial Institutions include the East African Development Bank and Preferential Trade Area Bank.

Table 2.1b: Stock of disbursed and outstanding external debt by category of creditor (% of total) Category of creditor 2015/16 2016/17 2017/18 2018/19 Dec 19 2019/20 Dec20 Bilateral Creditors 23.41 26.70 32.24 35.41 34.11 31.26 29.86 Non-Paris Club 20.40 22.60 25.86 28.37 27.16 23.97 22.94 Paris Club 3.01 4.10 6.38 7.04 6.95 7.29 6.93 Multilateral Creditors 76.59 70.67 65.71 64.04 64.94 64.81 65.72 ADB/F 19.47 17.89 6.50 16.42 16.66 14.50 13.89 EIB 1.22 0.99 1.07 0.99 1.23 1.00 1.16 IDA 48.86 45.06 41.71 39.87 39.49 34.45 36.28 IFAD 3.86 3.39 3.03 2.84 2.87 2.42 2.27 IMF 0.00 0.00 0.00 0.00 0.00 4.74 4.43 Others2 3.18 3.34 3.40 3.93 4.69 7.69 7.68 Other Creditors 0.00 2.63 2.05 0.54 0.95 3.93 4.42 Other Financial Institutions3 0.00 2.63 2.05 0.54 0.95 3.93 4.42 Grand Total1 100.000 100.00 100.00 100.00 100.00 100.00 100.00 Source: Statistics Department, Bank of Uganda. Note: 1. Numbers relate to public and publicly guaranteed external debt. 2. Other multilateral creditors include BADEA, IDB, NDF and OFID. 3. Other Creditor Financial Institutions include the East African Development Bank and Preferential Trade Area Bank.

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Table 2.2: Currency distribution of disbursed and outstanding external debt (% of total) Currency denomination 2015/16 2016/17 2017/18 2018/19 Dec2019 2019/20 Dec2020 Chinese Yuan 4.6 4.2 3.6 3.7 3.5 3.1 3.1 EURO 7.6 7.6 9.0 9.8 9.9 15.8 15.8 Japanese Yen 5.1 5.0 5.7 5.3 5.0 4.2 4.2 Others1 4.2 4.8 4.6 2.9 2.9 3.4 3.4 Special Drawing Rights 54.3 48.7 44.9 44.3 44.2 41.6 41.6 United States Dollars 24.2 29.7 32.1 34.0 34.6 31.9 31.9 Grand Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Source: Statistics Department, Bank of Uganda.

Note: 1. Other currencies include British Pound (GBP), Danish Kroner (DKK), Iraq Dinar (IQD), Korean Won (KRW), Kuwait Dinar (KWD), Norwegian Kroner, Pakistan Rupee (PKR), Saudi Riyadh (SR), Swedish Kroner (SEK), and Swiss Franc (CHF).

Table 2.3: Loan commitments (flows) by category of creditor (US$ million) Category of creditor 2015/16 2016/17 2017/18 2018/19 Dec2019 2019/20 Dec2020 Bilateral Creditors 522.07 108.65 542.31 606.29 44.37 763.88 30.00 Non-Paris Club 84.98 11.53 11.00 299.02 0.00 456.38 0.00 Paris Club 437.09 97.11 531.31 307.27 44.37 307.50 30.00 Multilateral Creditors 1,166.21 628.96 148.40 1,018.98 0.00 1,037.82 0.00 ADB/F 391.13 150.10 148.40 140.59 0.00 15.00 0.00 EIB 0.00 0.00 0.00 0.00 0.00 0.00 0.00 IDA 626.89 443.05 0.00 768.08 0.00 0.00 0.00 IFAD 47.46 0.00 0.00 75.82 0.00 0.00 0.00 IMF 0.00 0.00 0.00 0.00 0.00 492.38 0.00 Others2 100.73 35.80 0.00 34.50 0.00 530.44 0.00 Other Creditors 245.98 0.00 44.02 86.02 276.62 367.34 0.00 Other Financial Institutions3 245.98 0.00 44.02 86.02 276.62 367.34 0.00 Grand Total1 1,934.25 737.60 734.72 1,711.29 320.99 2,169.05 30.00 Source: Statistics Department, Bank of Uganda

Table 2.4a: Disbursements (flows) on external loans by category of creditor (US$ million) Category of creditor 2015/16 2016/17 2017/18 2018/19 Dec2019 2019/20 Dec2020 Bilateral Creditors 612.38 442.76 737.03 668.93 52.46 362.51 327.21 Non-Paris Club 559.23 352.32 501.56 484.86 13.43 208.84 256.80 Paris Club 53.16 90.44 235.46 184.07 39.03 153.68 70.41 Multilateral Creditors 372.67 390.39 460.66 658.51 317.14 1,174.92 683.09 ADB/F 121.90 94.52 95.68 182.10 80.87 162.29 56.11 EIB 19.46 0.00 21.14 12.73 26.79 26.79 21.92 IDA 177.17 240.87 263.46 346.18 129.25 333.80 531.27 IFAD 11.05 11.85 16.03 24.06 16.47 25.07 7.54 IMF 0.00 0.00 0.00 0.00 0.00 498.72 0.00 Others2 43.10 43.14 64.35 93.44 63.75 128.25 66.25 Other Creditors 0.00 148.36 104.15 2.78 40.70 705.19 74.62 Other Financial Institutions3 0.00 148.36 104.15 2.78 40.70 705.19 74.62 Grand Total1 985.05 981.51 1,301.84 1,330.22 410.30 2,242.62 1,084.92 Source: Statistics Department, Bank of Uganda.

Note to Tables 2.3 and 2.4a: 1. Numbers relate to public and publicly guaranteed external debt. 2. Other multilateral creditors include BADEA, IDB, NDF and OFID. 3. Other Creditor Financial Institutions include the East African Development Bank and Preferential Trade Area Bank. 4. Loan Commitments have been converted at end period rates

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Table 2.4b: Disbursements on external loans by category of creditor (as a percentage of total) Category of creditor 2015/16 2016/17 2017/18 2018/19 Dec2019 2019/20 Dec2020 Bilateral Creditors 62.17 45.11 56.61 50.29 12.79 16.16 30.16 Non-Paris Club 56.77 35.90 38.53 36.45 3.27 9.31 23.67 Paris Club 5.40 9.21 18.09 13.84 9.51 6.85 6.49 Multilateral Creditors 37.83 39.77 35.39 49.50 77.29 52.40 62.96 ADB/F 12.37 9.63 7.35 13.69 19.71 7.24 5.17 EIB 1.98 0.00 1.62 0.96 6.53 1.20 2.02 IDA 17.99 24.54 20.24 26.02 31.50 14.88 48.97 IFAD 1.12 1.21 1.23 1.81 4.01 1.12 0.70 IMF 0.00 0.00 0.00 0.00 0.00 22.24 0.00 Others2 4.38 4.40 4.94 7.02 15.54 5.72 6.11 Other Creditors 0.00 15.12 8.00 0.21 9.92 31.44 6.88 Other Financial Institutions3 0.00 15.12 8.00 0.21 9.92 31.44 6.88 Grand Total1 100.00 100.00 100.00 100.00 100.00 100.00 100.00 Source: Statistics Department, Bank of Uganda.

Note: 1. Numbers relate to public and publicly guaranteed external debt. 2. Other multilateral creditors include BADEA, IDB, NDF and OFID. 3. Other Creditor Financial Institutions include the East African Development Bank and Preferential Trade Area Bank.

Table 2.5: Cash external debt service1,3 (flows) (US$ million) Description 2015/16 2016/17 2017/18 2018/19 Dec2019 2019/20 Dec2020 Principal repayment 46.64 128.64 185.22 201.86 71.95 148.52 109.36 Interest and Other Charges4 46.71 117.06 108.87 131.85 61.36 121.49 77.75 Total Debt Service2 93.35 245.70 294.08 333.71 133.32 270.01 187.11 Source: Statistics Department, Bank of Uganda.

Note: 1. Numbers relate to public and publicly guaranteed external debt. 2. Including arrears 3. Cash debt service refers to actual financial resources remitted by Government of Uganda to her creditors. 4. Other charges include Commitment, Management and other fees.

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Table 3.1a: Balance of Payments statement (flows) - summary table (US$ million) – Quarterly 2018 2019 20201 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 A. Current Account Balance (A1+A2+A3+A4) -382 -502 -425 -630 -626 -799 -595 -401 -740 -672 -857 -1,033 A1. Goods Account (Trade Balance) -467 -593 -616 -788 -584 -878 -648 -646 -594 -477 -610 -773 a) Total Exports (fob) 965 875 872 923 1,206 961 940 989 1,035 836 1,311 1,272 b) Total Imports (fob) 1,432 1,468 1,488 1,711 1,790 1,838 1,588 1,635 1,629 1,313 1,920 2,046 A2. Services Account (services net) -38 -27 15 -135 -170 -156 -233 -177 -410 -426 -514 -606 a) Inflows(credit) 531 599 739 578 541 602 533 532 464 146 238 324 b) Outflows(debit) 568 626 724 713 711 757 765 709 875 572 752 929 A3. Primary Income (Primary Income net) -249 -222 -228 -262 -208 -217 -168 -137 -168 -136 -176 -137 a) Inflows(credit) 6 21 9 8 13 16 11 19 10 7 12 10 b) Outflows(debit) 255 243 237 271 221 233 179 156 178 142 188 147 A4. Secondary Income (net) 372 340 404 556 337 451 454 559 432 366 443 483 a) Inflows (credit) 411 386 456 629 377 493 503 658 468 380 466 524 b) Outflows (debit) 39 46 52 73 40 42 49 99 36 14 23 41 B1. Capital Account 23 16 25 31 17 26 12 33 16 9 34 53 a) Acquisitions/disposals of non-produced non-financial assets credits 0 0 0 0 0 0 0 0 0 0 0 0 b) Acquisitions/disposals of non-produced non-financial assets debits 0 0 0 0 0 0 0 0 0 0 0 0 c) Capital Transfers inflows (credit) 0 0 0 0 0 0 0 0 0 0 0 0 d) Capital Transfers, outflows (debit) 23 16 25 31 17 26 12 33 16 9 34 53

Net lending (+) / net borrowing (-) (balance from current and capital account) (A+B1) -359 -486 -399 -598 -609 -773 -583 -368 -724 -664 -823 -980 B2. Financial Account -133 -267 -518 -747 -559 -605 -325 -207 -505 -999 -911 -310 a) Direct Investment -264 -264 -264 -264 -345 -345 -284 -284 -218 -180 -212 -212 i) Net acquisition of financial assets (Direct investment abroad) 0 0 0 0 0 0 0 0 0 0 0 0 ii) Net incurrence of liabilities (Direct investment in Uganda) 264 264 264 264 345 345 285 285 219 180 212 212 b) Portfolio Investment 64 21 -39 35 111 61 72 116 48 86 88 -89 Assets 124 8 9 24 84 48 126 98 -10 78 67 30 Equity and investment fund shares 38 -7 -17 -18 34 -8 3 45 -17 20 30 19 Debt Securities 86 15 26 41 50 56 123 54 7 58 38 12 Liabilities 61 -12 48 -11 -27 -13 54 -17 -58 -8 -20 120 Equity and investment fund shares 4 4 53 4 0 0 15 0 0 0 0 4 Debt Securities 56 -17 -5 -16 -27 -13 39 -17 -58 -8 -21 116 c) Financial derivatives (other than reserves) and employee stock options -1 1 -2 -2 -1 -1 -1 0 1 -3 -3 -4 d) Other Investment 67 -24 -213 -516 -324 -320 -112 -38 -336 -901 -784 -5 Assets 170 288 24 -133 -100 144 45 117 269 18 33 203 Other equity -1 -1 -1 -1 -1 -1 0 -1 -1 -1 -1 -1 Currency and deposits 148 286 13 -88 -91 142 -16 113 282 12 38 207 Loans 22 2 11 -45 -9 2 7 4 -14 6 -5 -5 Insurance, pension and standardized guarantee schemes 0 0 0 0 0 0 0 0 0 0 0 0 Trade credit and advances 0 0 0 0 0 0 54 0 0 0 0 0 Other accounts receivable/payable 0 0 0 0 0 0 0 0 0 0 0 0 Liabilities 103 313 237 383 224 463 157 155 605 919 817 207 Other equity 1 1 1 1 1 1 0 1 1 1 1 1 Currency and deposits -37 24 6 36 2 25 -16 -18 2 4 8 -1 Loans 139 288 230 346 220 437 172 171 601 913 807 207 Insurance, pension and standardized guarantee schemes 0 0 0 0 0 0 0 0 0 0 0 0 Trade credit and advances 1 1 1 1 1 1 1 1 1 1 1 1 Other accounts receivable/payable 0 0 0 0 0 0 0 0 0 0 0 0 Special drawing rights (Net incurrence of liabilities) 0 0 0 0 0 0 0 0 0 0 0 0 C. Net errors and Omissions 128 -75 -49 -113 134 48 230 209 243 242 33 558 D. Overall balance (A+B+C) 98 294 -70 -36 -84 121 27 -48 -25 -578 -121 113 E. Reserves and related items -98 -294 70 36 84 -121 -27 48 25 578 121 -113 a) Reserve assets -99 -295 68 36 83 -122 -28 47 24 577 120 -113 b) Use of Fund credit and loans 0 0 0 0 0 0 0 0 0 0 0 0 c) Exceptional Financing -1 -1 -1 0 -1 -1 -1 0 -1 -1 -1 0

Source: Statistics Department, Bank of Uganda.

Note:

1. Preliminary figures

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Table 3.1b: Balance of Payments statement (flows) - summary table (US$ million) – CY

2013 2014 2015 2016 2017 2018 2019 2020

A. Current Account Balance (A1+A2+A3+A4) -1,843 -2,166 -1,671 -833 -1,502 -1,938 -2,420 -3,302

A1. Goods Account (Trade Balance) -2,145 -2,375 -2,288 -1,597 -1,714 -2,464 -2,756 -2,454 a) Total Exports (fob) 2,829 2,725 2,667 2,921 3,450 3,636 4,096 4,454 b) Total Imports (fob) 4,974 5,100 4,955 4,518 5,164 6,100 6,852 6,908

A2. Services Account (services net) -325 -494 -317 -111 -421 -185 -735 -1,956 a) Inflows(credit) 2,103 2,181 2,061 1,915 1,646 2,447 2,208 1,172 b) Outflows(debit) 2,428 2,675 2,378 2,026 2,067 2,632 2,943 3,128

A3. Primary Income (Primary Income net) -630 -564 -434 -610 -857 -961 -731 -617 a) Inflows(credit) -12 28 32 24 41 44 58 39 b) Outflows(debit) 617 592 466 634 899 1,005 789 656

A4. Secondary Income (net) 1,257 1,267 1,368 1,484 1,492 1,673 1,802 1,724 a) Inflows (credit) 1,464 1,460 1,519 1,666 1,680 1,882 2,032 1,838 b) Outflows (debit) 208 193 151 181 188 209 230 114

B1. Capital Account 80 95 108 139 122 95 87 111 a) Acquisitions/disposals of non-produced non-financial assets credits 80 95 108 139 122 95 87 111 b) Acquisitions/disposals of non-produced non-financial assets debits 0 0 0 0 0 0 0 0 c) Capital Transfers inflows (credit) 0 0 0 0 0 0 0 0 d) Capital Transfers, outflows (debit) 0 0 0 0 0 0 0 0

Net lending (+) / net borrowing (-) (balance from current and capital account) (A+B1) -1,763 -2,071 -1,563 -694 -1,379 -1,842 -2,333 -3,191

B2. Financial Account -1,362 -1,825 -876 -1,095 -1,358 -1,664 -1,696 -2,726 a) Direct Investment -1,143 -1,032 -737 -626 -802 -1,055 -1,259 -822 i) Net acquisition of financial assets (Direct investment abroad) -47 27 0 0 0 0 0 0 ii) Net incurrence of liabilities (Direct investment in Uganda) 1,096 1,059 738 626 803 1,055 1,259 823 b) Portfolio Investment 14 -33 212 67 442 80 360 132 Assets 194 148 165 122 220 165 356 166 Equity and investment fund shares 18 26 111 37 58 -3 74 51 Debt Securities 176 122 54 85 162 168 283 115 Liabilities 180 181 -47 56 -223 85 -4 34 Equity and investment fund shares 95 5 10 16 15 66 15 4 Debt Securities 85 176 -57 39 -238 19 -18 30 c) Financial derivatives (other than reserves) and employee stock options -2 -3 -5 -1 -1 -3 -3 -9 Financial derivatives, Assets 7 10 15 8 3 4 3 10 Financial derivatives, Liabilities 9 13 20 10 5 7 6 19 d) Other Investment -232 -758 -346 -535 -997 -687 -794 -2,026 Assets 459 -458 528 253 10 350 205 522 Other equity 0 0 0 0 0 0 0 0 Currency and deposits 438 -446 519 281 -85 360 148 540 Loans 21 -11 9 -27 95 -11 3 -18 Insurance, pension and standardized guarantee schemes 0 0 0 0 0 0 0 0 Trade credit and advances 0 0 0 0 0 0 54 0 Other accounts receivable/payable 0 0 0 0 0 0 0 0 Liabilities 691 300 874 788 1,007 1,036 999 2,548 Other equity 4 1 -3 1 3 3 2 3 Currency and deposits 60 44 107 -25 -20 29 -7 13 Loans 645 272 762 803 1,020 1,002 1,000 2,528 Insurance, pension and standardized guarantee schemes 0 0 0 0 0 0 0 0 Trade credit and advances -19 -17 8 9 3 2 4 4 Other accounts receivable/payable 0 0 0 0 0 0 0 0 Special drawing rights (Net incurrence of liabilities) 0 0 0 0 0 0 0 0

C. Net errors and Omissions 631 462 300 -82 506 -109 621 1,077

D. Overall balance (A+B+C) -230 -216 387 -319 -485 287 16 -611

E. Reserves and related items 230 216 -387 319 485 -287 -16 611 a) Reserve assets 223 211 -392 317 483 -290 -19 608 b) Use of Fund credit and loans -2 -2 -1 0 0 0 0 0 c) Exceptional Financing -4 -3 -3 -2 -3 -3 -3 -3

Source: Statistics Department, Bank of Uganda. 7

Table 3.1c: Balance of Payments statement (flows) - summary table (US$ million) – FY 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20

A. Current Account Balance (A1+A2+A3+A4) -1,510 -2,039 -1,861 -1,357 -1,029 -1,738 -2,479 -2,408

A1. Goods Account (Trade Balance) -2,123 -2,367 -2,250 -2,004 -1,494 -2,088 -2,866 -2,365 a) Total Exports (fob) 2,912 2,706 2,738 2,688 3,274 3,531 3,962 3,800 b) Total Imports (fob) 5,035 5,074 4,988 4,692 4,768 5,619 6,828 6,165

A2. Services Account (services net) -343 -269 -466 -255 -271 -299 -446 -1,246 a) Inflows(credit) 2,038 2,202 2,174 1,985 1,692 2,023 2,460 1,676 b) Outflows(debit) 2,381 2,472 2,640 2,240 1,963 2,322 2,906 2,922

A3. Primary Income (Primary Income net) -518 -607 -490 -512 -724 -926 -916 -609 a) Inflows(credit) 33 6 25 41 22 48 46 47 b) Outflows(debit) 551 613 514 554 746 975 962 655

A4. Secondary Income (net) 1,473 1,204 1,345 1,414 1,460 1,575 1,749 1,812 a) Inflows (credit) 1,632 1,398 1,531 1,562 1,652 1,770 1,956 2,010 b) Outflows (debit) 159 194 186 148 191 196 207 198

B1. Capital Account 33 91 99 120 151 105 100 69 a) Acquisitions/disposals of non-produced non-financial assets credits 33 91 99 120 151 105 100 69 b) Acquisitions/disposals of non-produced non-financial assets debits 0 0 0 0 0 0 0 0 c) Capital Transfers inflows (credit) 0 0 0 0 0 0 0 0 d) Capital Transfers, outflows (debit) 0 0 0 0 0 0 0 0

Net lending (+) / net borrowing (-) (balance from current and capital account) (A+B1) -1,478 -1,948 -1,762 -1,237 -878 -1,633 -2,379 -2,338

B2. Financial Account -1,486 -1,725 -947 -1,243 -1,134 -1,124 -2,428 -2,037 a) Direct Investment -940 -1,087 -885 -681 -714 -929 -1,217 -967 i) Net acquisition of financial assets (Direct investment abroad) 0 -10 14 0 0 0 0 0 ii) Net incurrence of liabilities (Direct investment in Uganda) 939 1,077 898 682 714 929 1,217 968 b) Portfolio Investment 47 -25 196 146 177 330 168 321 Assets 76 210 204 126 120 254 165 292 Equity and investment fund shares 9 18 137 45 16 62 -8 50 Debt Securities 66 191 67 82 104 192 173 242 Liabilities 29 235 8 -20 -56 -76 -3 -29 Equity and investment fund shares 104 5 9 13 17 15 57 15 Debt Securities -74 230 -1 -33 -73 -91 -61 -44 c) Financial derivatives (other than reserves) and employee stock options -1 -1 -5 -3 -1 0 -5 -3 Financial derivatives, Assets 8 9 12 13 5 4 4 9 Financial derivatives, Liabilities 8 10 17 15 6 4 9 12 d) Other Investment -592 -611 -253 -705 -595 -525 -1,373 -1,388 Assets 129 -145 277 96 209 553 -66 448 Other equity 0 0 0 0 0 0 0 0 Currency and deposits 223 -149 282 119 186 458 -24 392 Loans -94 3 -5 -22 22 95 -42 3 Insurance, pension and standardized guarantee schemes 0 0 0 0 0 0 0 0 Trade credit and advances 0 0 0 0 0 0 0 54 Other accounts receivable/payable 0 0 0 0 0 0 0 0 Liabilities 721 466 530 801 804 1,079 1,308 1,836 Other equity 12 2 -1 -1 2 3 3 2 Currency and deposits -3 67 108 9 -52 15 69 -28 Loans 728 414 428 784 847 1,059 1,233 1,857 Insurance, pension and standardized guarantee schemes 0 0 0 0 0 0 0 0 Trade credit and advances -15 -18 -5 9 6 1 4 4 Other accounts receivable/payable 0 0 0 0 0 0 0 0 Special drawing rights (Net incurrence of liabilities) 0 0 0 0 0 0 0 0

C. Net errors and Omissions 330 601 465 96 166 349 21 924

D. Overall balance (A+B+C) -338 -378 350 -101 -421 161 -69 -623

E. Reserves and related items 338 378 -350 101 421 -161 69 623 a) Reserve assets 332 372 -355 99 419 -164 65 620 b) Use of Fund credit and loans -2 -2 -2 -1 0 0 0 0 c) Exceptional Financing -4 -5 -3 -2 -2 -3 -3 -3

Source: Statistics Department, Bank of Uganda.

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Table 3.2a: Exports of goods (flows) (US$ million) – CY

2012 2013 2014 2015 2016 2017 2018 2019 2020

Total Exports 2,810 2,829 2,725 2,667 2,921 3,450 3,636 4,096 4,454

1. Coffee (Value) 373 425 407 403 372 555 436 439 516 Volume (millions of 60-Kg bags) 3 4 3 4 4 5 4 5 5 Av. unit value 2 2 2 2 2 2 2 2 2

2. Non-Coffee exports 1,984 1,982 1,903 1,865 2,130 2,345 2,653 3,125 3,633 Electricity 16 17 34 17 21 56 36 45 20 Gold 8 3 0 36 340 418 515 1,258 1,819 Cotton 76 31 22 21 31 51 44 58 35 Tea 74 86 85 70 72 80 89 78 79 Tobacco 62 115 65 73 62 46 78 67 39 Fish & its prod. (excl. regional) 121 107 134 118 122 137 172 177 128 Hides & skins 41 64 73 63 52 53 46 21 9 Simsim 12 29 55 52 15 17 27 33 36 Maize 59 42 47 91 70 96 107 78 92 Beans 13 16 25 54 38 84 99 36 45 Flowers 53 57 57 51 52 58 61 55 54 Oil re-exports 133 137 149 131 120 129 132 132 77 Cobalt 14 10 0 0 0 0 0 0 0 Others 1,303 1,268 1,155 1,089 1,137 1,120 1,247 1,089 1,200

3. Informal Cross Border Trade (ICBT) 454 421 415 399 419 549 547 532 305

Breakdown of "Others" above 1,303 1,268 1,155 1,089 1,137 1,120 1,247 1,089 1,200 Baker's wares 18 15 12 13 8 10 9 8 8 Base Metals & Products 134 138 132 120 100 99 128 103 106 Beer 25 24 13 10 11 11 13 22 24 Cellular Phones 148 49 8 21 5 3 4 2 1 Cement 107 103 89 80 61 42 56 57 69 Cocoa Beans 39 55 59 56 75 54 65 78 99 Cotton Liners 0 0 0 0 0 0 0 0 0 Crude oil (excl petroleum products) 3/ 61 51 44 40 44 51 64 64 56 Edible Fats and Oils 49 49 59 39 18 19 15 9 13 Fruits & Vegetables 12 17 21 32 43 38 41 36 45 Groundnuts 1 0 1 8 1 2 4 2 1 Other Pulses 1/ 4 25 37 41 63 56 76 40 29 Papain 0 0 0 0 0 0 0 0 0 Plastic Products 28 35 37 34 24 25 32 33 28 Rice 39 37 29 24 20 27 27 26 19 Soap 33 33 32 27 25 25 28 16 17 Sugar 122 85 69 66 101 92 108 83 76 Textiles 0 0 0 0 0 0 0 0 0 Vanilla 2 0 3 3 3 13 8 4 3 Water 23 26 20 14 8 10 15 16 20 Other Exports 2/ 458 528 489 461 526 545 553 488 585

Source: Statistics Department, Bank of Uganda. Note: 1. Includes soya beans. 2. Includes mainly re-exports of vehicles and industrial machinery, as well as live animals and animal products, and medicines. 3. Includes crude from simsim, sunflower, and palm but excludes petroleum products.

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Table 3.2b: Exports of goods (flows) (US$ million) – FY

2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20

Total Exports 2,912 2,706 2,738 2,688 3,274 3,531 3,962 3,800

1. Coffee (Value) 423 404 400 352 491 492 416 497 Volume (millions of 60-Kg bags) 3 4 3 4 4 4 4 5 Av. unit value 2 2 2 2 2 2 2 2

2. Non-Coffee exports 2,021 1,907 1,899 1,946 2,300 2,455 3,047 2,890 Electricity 16 27 24 17 45 43 46 25 Gold 5 0 0 204 434 343 1,069 1,118 Cotton 36 22 18 24 48 41 54 42 Tea 86 83 73 74 68 92 89 71 Tobacco 73 94 63 73 47 54 86 61 Fish & its prod. (excl. regional) 109 110 137 115 132 146 186 147 Hides & skins 47 75 68 56 51 55 32 12 Simsim 24 46 51 30 16 22 28 34 Maize 54 36 74 82 78 125 60 101 Beans 16 20 38 49 55 123 40 33 Flowers 53 59 55 49 54 62 58 51 Oil re-exports 137 142 143 123 124 129 134 111 Cobalt 16 4 0 0 0 0 0 0 Others 1,349 1,189 1,154 1,049 1,148 1,219 1,166 1,086

3. Informal Cross Border Trade (ICBT) 469 396 439 390 484 584 499 413

Breakdown of "Others" above 1,349 1,189 1,154 1,049 1,148 1,219 1,166 1,086 Baker's wares 17 13 13 11 9 9 9 8 Base Metals & Products 137 135 128 100 106 111 122 102 Beer 25 19 11 9 12 11 17 23 Cellular Phones 126 20 23 4 4 4 2 2 Cement 108 92 92 68 50 45 62 60 Cocoa Beans 49 60 55 71 59 59 74 90 Cotton Liners 0 0 0 0 0 0 0 0 Crude oil (excl petroleum products) 3/ 59 47 41 41 50 57 62 61 Edible Fats and Oils 48 51 50 27 20 16 12 12 Fruits & Vegetables 16 17 26 41 35 45 36 40 Groundnuts 0 1 3 6 1 4 3 1 Other Pulses 1/ 20 30 43 49 60 64 59 29 Papain 0 0 0 0 0 0 0 0 Plastic Products 32 36 37 28 25 27 35 29 Rice 41 30 28 24 23 29 23 22 Soap 32 33 30 25 24 27 23 16 Sugar 101 70 76 61 127 85 96 93 Textiles 0 0 0 0 0 0 0 0 Vanilla 0 1 2 5 6 9 9 4 Water 25 24 18 10 8 12 18 17 Other Exports 2/ 512 509 478 469 530 604 505 477

Source: Statistics Department, Bank of Uganda. Note: 1. Includes soya beans. 2. Includes mainly re-exports of vehicles and industrial machinery, as well as live animals and animal products, and medicaments. 3. Includes crude from simsim, sunflower, and palm but excludes petroleum products.

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Table 3.3a: Imports of goods (flows) (US$ million) – CY

2012 2013 2014 2015 2016 2017 2018 2019 2020

Total Imports (c.i.f) 6,094 6,441 6,090 6,162 6,053 5,471 6,254 7,414 8,284 o/w cost (fob) Total Imports 4,997 5,262 4,974 5,100 4,955 4,518 5,164 6,098 6,852 Government Imports 493 497 408 271 479 497 466 576 609 Project 207 389 325 227 431 469 453 573 536 Non-Project 286 108 83 44 48 28 13 4 73 Private Sector Imports 4,450 4,712 4,512 4,763 4,385 3,695 4,296 5,317 6,185 Oil imports 803 1,040 1,014 1,105 775 598 793 1,008 957 Non-oil imports 3,648 3,672 3,499 3,658 3,610 3,097 3,503 4,309 5,228 Estimated Imports 54 53 54 66 92 326 403 205 58 Total Private Sector Imports 4,504 4,765 4,566 4,829 4,477 4,021 4,699 5,522 6,242 o/w freight Total Imports 1,051 1,130 1,069 1,017 1,052 912 1,043 1,260 1,372 Government Imports 122 123 101 67 119 123 116 143 151 Project 51 97 81 56 107 117 112 142 133 Non-Project 71 27 21 11 12 7 3 1 18 Private Sector Imports 928 1,006 967 950 933 789 928 1,117 1,221 Oil imports 199 258 252 275 192 149 197 250 238 Non-oil imports 729 748 716 676 740 640 731 867 983 Private Sector through forex 925 1,003 964 948 925 786 928 1,117 1,215 o/w insurance Total Imports 46 50 47 45 46 40 46 56 61 Government Imports 5 5 4 3 5 5 5 6 7 Project 2 4 4 2 5 5 5 6 6 Non-Project 3 1 1 0 1 0 0 0 1 Private Sector Imports 41 44 43 42 41 35 41 49 54 Oil imports 9 11 11 12 8 7 9 11 10 Non-oil imports 32 33 32 30 33 28 32 38 43 Private Sector through forex 41 44 43 42 41 35 41 49 54

Breakdown of Private Sector Imports reported at f.o.b value Animal & Animal Products 18 20 20 26 24 21 27 39 41 Vegetable Products, Animal, Beverages,Fats & Oil 404 465 397 477 370 377 483 455 452 Prepared Foodstuff, Beverages & Tobacco 223 259 242 221 208 175 202 192 220 Mineral Products (excluding Petroleum products) 360 151 138 154 143 128 128 414 1,246 Petroleum Products 803 1,040 1,014 1,105 775 598 793 1,008 957 Chemical & Related Products 389 432 480 453 525 428 497 563 559 Plastics,Rubber, & Related Products 227 240 250 283 291 254 291 379 380 Wood & Wood Products 128 128 117 114 113 111 128 149 149 Textile & Textile Products 128 138 148 170 150 160 172 213 244 Miscellaneous Manufactured Articles 164 190 246 243 212 227 246 263 271 Base Metals & their Products 336 308 314 328 346 289 339 437 439 Machinery Equipments, Vehicles & Accessories 1,262 1,335 1,137 1,183 1,220 921 989 1,200 1,224 Arms & Ammunitions & Accessories 0 0 0 0 0 0 0 0 0 Electricity 7 7 9 6 7 5 2 6 3 TOTAL 4,450 4,712 4,512 4,763 4,385 3,695 4,296 5,317 6,185

Source: Statistics Department, Bank of Uganda

11

Table 3.3b: Imports of goods (flows) (US$ million) – FY 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20

Total Imports (c.i.f) 6,164 6,163 6,065 5,705 5,760 6,837 8,285 7,483 o/w cost (fob) Total Imports 5,035 5,074 4,988 4,692 4,768 5,618 6,828 6,218 Government Imports 438 361 224 612 418 595 707 405 Project 359 301 194 567 392 588 635 388 Non-Project 79 60 30 45 26 7 72 17 Private Sector Imports 4,546 4,656 4,693 3,863 3,945 4,683 6,067 5,765 Oil imports 1,028 1,090 933 646 694 911 980 851 Non-oil imports 3,518 3,566 3,760 3,217 3,251 3,772 5,088 4,914 Estimated Imports 51 57 72 218 405 340 54 49 Total Private Sector Imports 4,597 4,713 4,764 4,080 4,350 5,023 6,122 5,813 o/w freight Total Imports 1,081 1,043 1,032 971 950 1,167 1,395 1,211 Government Imports 109 90 56 152 104 148 176 101 Project 89 75 48 141 97 146 158 96 Non-Project 20 15 7 11 7 2 18 4 Private Sector Imports 973 954 976 819 846 1,020 1,219 1,110 Oil imports 255 271 232 160 172 226 243 211 Non-oil imports 717 683 744 658 674 794 976 899 Private Sector through forex 972 951 972 813 844 1,020 1,219 1,104 o/w insurance Total Imports 48 46 46 43 42 52 62 53 Government Imports 5 4 2 7 5 7 8 4 Project 4 3 2 6 4 6 7 4 Non-Project 1 1 0 0 0 0 1 0 Private Sector Imports 43 42 43 36 37 45 54 49 Oil imports 11 12 10 7 8 10 11 9 Non-oil imports 32 30 33 29 30 35 43 40 Private Sector through forex 43 42 43 36 37 45 54 49

Breakdown of Private Sector Imports reported at f.o.b value Animal & Animal Products 18 24 24 21 25 32 42 36 Vegetable Products, Animal, Beverages,Fats & Oil 447 413 442 353 452 461 452 483 Prepared Foodstuff, Beverages & Tobacco 222 247 204 188 181 201 209 210 Mineral Products (excluding Petroleum products) 136 148 154 133 130 133 1,076 1,094 Petroleum Products 1,028 1,090 933 646 694 911 980 851 Chemical & Related Products 448 476 531 438 436 549 571 552 Plastics,Rubber, & Related Products 246 252 302 261 279 328 392 363 Wood & Wood Products 117 115 114 113 112 143 159 122 Textile & Textile Products 133 162 166 149 165 188 231 218 Miscellaneous Manufactured Articles 230 226 239 213 233 253 271 259 Base Metals & their Products 284 319 345 287 335 399 428 421 Machinery Equipments, Vehicles & Accessories 1,229 1,175 1,232 1,055 901 1,081 1,252 1,155 Arms & Ammunitions & Accessories 0 0 0 0 0 0 0 0 Electricity 7 8 7 6 3 3 5 2 TOTAL 4,546 4,656 4,693 3,863 3,945 4,683 6,067 5,765

Source: Statistics Department, Bank of Uganda

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Table 3.4a: The services account (flows). (US$ million) – CY

2013 2014 2015 2016 2017 2018 2019 2020 Services -325 -494 -317 -111 -421 -185 -735 -1,956 Credit 2,103 2,181 2,061 1,915 1,646 2,447 2,208 1,172 Debit 2,428 2,675 2,378 2,026 2,067 2,632 2,943 3,128 Manufacturing services on physical inputs owned by others -1 -1 -17 0 0 0 0 0 Credit 0 0 0 0 0 0 0 0 Debit 1 1 17 0 0 0 0 0 Maintenance and repair services n.i.e. -5 -3 -2 -2 -1 0 0 0 Credit 0 0 0 0 0 0 0 0 Debit 6 3 2 2 1 0 0 0 Transport -975 -981 -996 -872 -1,041 -1,239 -1,378 -1,303 Credit 225 168 138 143 162 190 176 158 Debit 1,200 1,149 1,134 1,015 1,203 1,428 1,554 1,460 of which: Passenger -119 -135 -80 -85 -138 -148 -163 -145 Credit 21 19 12 16 13 16 15 14 Debit 141 153 92 101 151 164 178 158 of which: Freight -887 -882 -968 -834 -958 -1,169 -1,280 -1,215 Credit 140 100 67 71 86 91 92 82 Debit 1,026 982 1,035 905 1,043 1,260 1,372 1,298 of which: Other 30 35 47 47 56 78 63 57 Credit 56 40 50 48 56 78 63 57 Debit 26 5 2 1 0 0 0 0 Postal and courier services 1 1 5 0 -1 1 1 1 Credit 8 9 9 8 7 6 6 5 Debit 7 8 4 8 8 5 4 4 Travel 731 776 851 893 727 1,173 935 322 Credit 939 965 1,037 1,102 941 1,506 1,385 463 Debit 208 189 186 208 214 333 450 141 Business 97 102 112 114 155 482 1 69 Credit 122 125 134 139 275 682 238 152 Debit 25 23 22 25 120 199 237 84 Personal 634 674 739 779 572 690 933 253 Credit 817 840 903 962 666 824 1,146 310 Debit 183 166 163 183 94 134 213 57 Construction 62 61 41 28 -8 -11 -5 -14 Credit 240 221 152 104 19 69 105 73 Debit 178 161 110 76 27 80 110 86 Insurance and pension services -55 -50 -32 -30 -51 -68 -65 -61 Credit 18 27 39 39 4 7 7 12 Debit 73 77 71 69 56 75 72 73 Financial services 21 25 20 19 21 21 22 28 Credit 29 34 29 29 31 32 34 44 Debit 8 9 9 10 10 11 12 16 Charges for the use of intellectual property n.i.e. -1 1 -10 -18 -16 -1 -16 4 Credit 14 13 4 2 2 10 8 4 Debit 15 12 14 20 18 11 24 0 Telecommunications, computer, and information services -29 -19 -16 -14 2 25 -2 -2 Credit 102 57 65 40 39 52 28 37 Debit 131 76 81 54 37 28 30 39 Other business services -259 -448 -393 -329 -295 -444 -465 -1,123 Credit 297 509 334 199 180 195 184 147 Debit 556 957 727 528 475 639 649 1,270 Personal, cultural and recreational services -5 -13 -10 -7 -8 -3 -8 -6 Credit 12 7 8 15 7 5 4 4 Debit 17 20 18 22 15 8 12 10 Government goods and services n.i.e. 191 158 246 220 248 363 247 198 Credit 226 179 256 244 260 380 277 231 Debit 35 22 10 23 12 18 30 33

Source: Statistics Department, Bank of Uganda.

13

Table 3.4b: The services account (flows). (US$ million) – FY

2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20

Services -269 -466 -255 -271 -299 -446 -1,246 Credit 2,202 2,174 1,985 1,692 2,023 2,460 1,676 Debit 2,472 2,640 2,240 1,963 2,322 2,906 2,922 Manufacturing services on physical inputs owned by others -1 -9 -8 0 0 0 0 Credit 0 0 0 0 0 0 0 Debit 1 9 8 0 0 0 0 Maintenance and repair services n.i.e. -5 -2 -2 -1 0 0 0 Credit 0 0 0 0 0 0 0 Debit 5 2 2 1 0 0 0 Transport -976 -995 -909 -925 -1,149 -1,398 -1,199 Credit 203 146 150 159 175 185 162 Debit 1,178 1,141 1,059 1,084 1,324 1,583 1,361 of which: Passenger -117 -108 -86 -109 -137 -168 -146 Credit 22 13 14 15 15 16 14 Debit 139 122 100 123 152 183 160 of which: Freight -884 -935 -871 -867 -1,079 -1,302 -1,113 Credit 123 77 80 83 88 93 84 Debit 1,006 1,012 951 950 1,167 1,395 1,197 of which: Other 25 43 47 51 67 71 58 Credit 48 45 49 52 67 71 58 Debit 23 2 2 1 0 0 0 Postal and courier services 0 5 0 -1 0 1 1 Credit 9 11 7 9 5 6 5 Debit 9 6 7 10 5 4 4 Travel 746 844 881 824 899 1,117 646 Credit 952 1,027 1,075 1,031 1,178 1,500 950 Debit 206 184 195 207 279 383 304 Business 98 111 114 140 289 279 39 Credit 123 133 138 208 451 497 207 Debit 25 22 24 68 162 218 168 Personal 647 733 767 683 610 838 607 Credit 828 894 938 822 727 1,003 743 Debit 181 161 171 139 118 165 136 Construction 64 50 36 9 -15 -2 -12 Credit 241 187 136 35 34 120 74 Debit 177 137 100 26 48 122 86 Insurance and pension services -53 -39 -27 -44 -55 -74 -56 Credit 20 33 44 19 7 3 12 Debit 73 72 71 63 62 77 68 Financial services 23 22 21 19 20 22 27 Credit 32 31 30 29 31 34 43 Debit 9 10 10 10 10 12 16 Charges for the use of intellectual property n.i.e. -7 4 -19 -17 -9 -7 -7 Credit 10 9 3 2 1 16 5 Debit 17 5 22 18 10 22 12 Telecommunications, computer, and information services -35 -17 -21 -3 18 12 -3 Credit 82 64 51 34 56 34 33 Debit 117 81 72 37 38 22 35 Other business services -201 -510 -466 -290 -323 -451 -833 Credit 433 456 206 187 196 207 150 Debit 634 967 672 477 519 658 983 Personal, cultural and recreational services -10 -11 -12 -5 -4 -6 -6 Credit 9 8 14 10 6 4 4 Debit 20 18 26 15 11 10 10 Government goods and services n.i.e. 186 197 272 161 272 341 197 Credit 221 212 276 187 276 357 243 Debit 35 14 4 26 4 16 47

Source: Statistics Department, Bank of Uganda.

14

Table 3.5: The International Investment Position (stocks), (US$ million)

2012 2013 2014 2015 2016 2017 2018 2019 2020

International Investment Position, net -9,261 -10,649 -12,219 -13,444 -14,426 -15,077 -17,051 -18,840 -22,015 Assets 4,367 5,077 4,864 5,015 5,406 6,208 6,229 6,762 8,123 Direct investment abroad 101 53 80 81 81 81 81 82 82 Portfolio investment 18 213 361 525 648 868 1,033 1,389 1,555 Financial derivatives (other than reserves) and employee stock options 0 0 1 0 1 0 0 1 0 Other investment 1,296 1,690 1,188 1,589 1,681 1,646 1,944 2,104 2,636 Other equity 0 0 0 0 0 0 0 0 0 Currency and deposits 1,265 1,633 1,148 1,549 1,668 1,583 1,895 2,050 2,600 Central bank 384 510 352 393 454 385 477 552 786 Deposit-taking corporations, except central bank 512 597 390 653 673 561 726 768 1,039 General government 0 0 0 0 0 0 0 0 0 Other sectors 369 527 405 502 541 637 692 730 775 Loans 31 56 40 40 12 63 50 54 36

Insurance, pension, and standardized guarantee schemes 0 0 0 0 0 0 0 0 0 Trade credit and advances 0 0 0 0 0 0 0 0 0 Other accounts receivable 0 0 0 0 0 0 0 0 0 Reserve assets 2,952 3,122 3,234 2,820 2,996 3,613 3,170 3,186 3,850 Monetary gold 0 0 0 0 0 0 0 0 0 Special drawing rights 217 215 70 66 63 66 63 61 63 Reserve position in the Fund 0 0 0 0 0 0 0 0 0 Other reserve assets 2,735 2,906 3,164 2,754 2,933 3,547 3,106 3,125 3,787 Currency and deposits 1,511 2,469 2,568 2,213 1,956 2,628 2,150 2,204 2,643 Securities 1,114 302 495 431 762 805 888 741 943 Other claims 110 136 101 110 215 114 68 180 201 Liabilities 13,628 15,726 17,083 18,459 19,832 21,285 23,279 25,602 30,138 Direct investment 7,675 8,771 9,829 10,567 11,193 11,996 13,051 14,310 15,132 Equity and investment fund shares 6,156 7,004 7,746 8,298 8,693 9,402 10,111 11,066 11,718 Debt instruments 1,519 1,767 2,084 2,270 2,500 2,594 2,940 3,244 3,414 Portfolio investment 335 547 755 734 994 244 257 337 512 Equity and investment fund shares 206 275 334 413 584 40 39 39 39 Debt securities 130 273 421 321 410 205 218 298 473 Financial derivatives (other than reserves) and employee stock options 0 0 1 2 2 2 0 1 1 Other investment 5,618 6,407 6,498 7,156 7,643 9,043 9,971 10,955 14,493 Other equity 29 33 34 31 32 36 38 41 44 Currency and deposits 44 107 139 208 170 149 175 170 184 Loans 5,039 5,780 5,872 6,466 6,987 8,389 9,291 10,274 13,783 Central bank 6 4 2 0 0 0 0 0 352 Deposit-taking corporations, except central bank 416 610 565 491 441 476 390 375 446 General government 3,520 4,103 4,247 4,913 5,541 6,908 7,729 8,716 11,532 Other sectors 1,097 1,064 1,059 1,061 1,005 1,005 1,172 1,184 1,453 Insurance, pension, and standardized guarantee schemes 0 0 0 0 0 0 0 0 0 Trade credit and advances 99 80 63 71 80 83 86 90 94 Other accounts payable - other 140 140 140 140 140 140 140 140 140 Central bank 0 0 0 0 0 0 0 0 0 Deposit-taking corporations, except central bank 0 0 0 0 0 0 0 0 0 General government 0 0 0 0 0 0 0 0 0 Other sectors 140 140 140 140 140 140 140 140 140 Special drawing rights (Net incurrence of liabilities) 266 267 251 240 233 246 241 239 249

Source: Statistics Department, Bank of Uganda.

15

Table 4.1: The Depository Corporations Survey (stocks) (Shs, billion) 2017 2018 2019 2020 As at end of Dec Dec Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Net Foreign Assets 13,827 13,940 14,085 14,116 14,562 15,343 15,037 15,339 16,224 16,908 16,004 16,313 16,575 15,627 16,645 Central Bank(net) 13,852 13,159 13,169 13,038 13,398 13,638 13,447 13,167 14,718 15,649 14,964 15,277 15,191 14,182 15,181 Of Which: Official Foreign Assets 13,135 11,771 11,677 11,756 12,106 12,226 11,857 11,575 14,415 15,004 14,272 14,727 14,535 13,692 14,051 Other Depository Corporations(net) -25 781 915 1,078 1,164 1,705 1,590 2,172 1,506 1,258 1,041 1,036 1,384 1,445 1,464

Net Domestic Assets (NDA) 7,788 9,454 13,034 12,772 12,654 12,146 13,176 13,691 13,843 12,240 14,213 14,187 14,623 15,951 15,107 Domestic Claims 16,262 17,940 22,483 22,648 22,867 22,506 23,499 24,159 24,316 22,894 24,998 25,273 26,187 26,927 26,141 Claims on Central Government(net) 2,778 2,862 5,434 5,748 6,039 5,442 6,158 6,734 6,895 5,487 7,640 7,591 8,345 9,013 7,767 Claims on Central Government 6,516 6,472 10,108 9,760 10,017 10,317 11,303 11,198 10,992 12,630 13,248 12,601 13,877 15,347 13,813 Less Liabilities to Central Government 3,738 3,609 4,674 4,012 3,978 4,875 5,145 4,464 4,097 7,143 5,608 5,010 5,532 6,334 6,046 Claims on Other Sectors 13,484 15,078 17,049 16,900 16,828 17,065 17,341 17,425 17,421 17,407 17,358 17,681 17,843 17,914 18,374 Other Financial Corporations 28 34 73 52 42 45 40 39 37 33 32 32 86 28 29 State and Local Government 1 1 2 2 2 1 1 1 1 1 2 1 1 1 1 Public Non Financial Corporations 40 54 125 129 130 134 135 24 26 28 27 27 25 69 70 Private Sector 13,415 14,989 16,850 16,717 16,655 16,884 17,165 17,361 17,357 17,345 17,297 17,621 17,731 17,816 18,273 Of which: Loans 13,414 14,979 16,828 16,695 16,636 16,844 17,131 17,330 17,326 17,318 17,285 17,603 17,699 17,787 18,249

Other Items(Net) -8,474 -8,486 -9,450 -9,875 -10,213 -10,360 -10,323 -10,468 -10,473 -10,654 -10,784 -11,086 -11,564 -10,976 -11,033 Shares and Other Equity 8,525 8,697 9,445 9,556 9,714 9,995 10,067 10,043 10,101 9,954 10,490 10,748 10,899 10,767 10,600 Consolidation Adjustments -97 -11 -49 -17 -119 -156 -69 -54 -236 -168 -93 -124 -100 -47 31 Other Items(net) 148 222 44 -302 -380 -210 -188 -371 -136 -533 -201 -213 -566 -162 -464

Broad Money-M3 21,615 23,395 27,118 26,889 27,216 27,489 28,213 29,030 30,067 29,147 30,218 30,500 31,198 31,579 31,752 Foreign Currency Deposits 6,064 6,758 7,756 7,522 7,718 7,952 8,341 8,652 8,494 8,425 8,351 8,506 8,852 8,994 8,796 Broad Money-M2 15,551 16,636 19,362 19,367 19,498 19,537 19,871 20,378 21,573 20,722 21,867 21,994 22,346 22,585 22,956 Other Deposits-Local Currency 6,415 6,796 7,916 7,899 8,074 8,051 8,316 8,575 8,895 8,881 8,923 9,618 9,419 9,485 9,384 Narrow Money-M1 9,136 9,840 11,446 11,468 11,424 11,486 11,555 11,803 12,678 11,842 12,943 12,377 12,928 13,100 13,572 Transferable Deposits-Local Currency 5,320 5,615 6,758 6,840 7,052 6,983 7,107 7,175 7,801 6,924 7,985 7,554 8,031 8,033 8,136 Currency Outside Depository Corporations 3,816 4,225 4,689 4,628 4,372 4,503 4,448 4,628 4,877 4,918 4,958 4,822 4,896 5,067 5,436

Source: Statistics Department, Bank of Uganda.

16

Table 4.2: The Central Bank Survey (stocks) (Shs, billion) 2017 2018 2019 2020 As at end of Dec Dec Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Net Foreign Assets 13,852 13,159 13,169 13,038 13,398 13,638 13,447 13,167 14,718 15,649 14,964 15,277 15,191 14,182 15,181 Claims on Non Residents 14,939 14,053 14,047 13,915 14,344 14,539 14,346 14,079 16,997 17,914 17,136 17,499 17,440 16,414 17,350 Of Which: Official Reserve Assets 13,135 11,771 11,677 11,756 12,106 12,226 11,857 11,575 14,415 15,004 14,272 14,727 14,535 13,692 14,051 Less Liabilities to Non Residents 1,087 894 878 877 945 901 899 912 2,280 2,265 2,172 2,222 2,249 2,232 2,170 Of Which: Short Term Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Net Domestic Assets (NDA) -7,366 -5,466 -4,682 -5,132 -5,782 -5,399 -5,487 -5,129 -5,910 -6,787 -6,191 -6,872 -6,394 -5,713 -5,308 Domestic Claims -2,109 -2,327 -643 -754 -774 -1,254 -991 -538 -1,059 -2,802 -732 -848 -456 -298 -2,075 Net Claims on Central Government -2,177 -2,394 -727 -838 -860 -1,338 -1,073 -620 -1,138 -2,881 -815 -931 -540 -385 -2,169 Claims on Central Government 814 362 2,771 2,607 2,511 2,761 3,507 3,287 2,417 3,816 4,254 3,520 4,399 5,297 2,787 Of which: Securities Other than Shares 753 188 987 784 431 109 873 773 978 307 1,656 1,399 1,464 1,887 497 Loans 61 174 1,784 1,823 2,081 2,651 2,634 2,514 1,439 3,509 2,599 2,121 2,935 3,410 2,291 Less Liabilities to Central Government 2,992 2,756 3,498 3,445 3,371 4,099 4,581 3,907 3,555 6,696 5,069 4,451 4,939 5,682 4,956 Of which: Deposits 2,992 2,756 3,498 3,445 3,371 4,099 4,581 3,907 3,555 6,696 5,069 4,451 4,939 5,682 4,956 Claims on Other Sectors 68 67 84 85 86 84 83 81 79 79 83 82 84 87 93 Other Financial Corporations 13 10 16 15 16 14 14 14 12 11 11 11 11 11 17 State and Local Government 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Public Non Financial Corporations 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Private Sector 1/ 55 57 67 69 70 70 69 67 66 68 72 71 73 76 76 Of which: Loans 55 57 67 69 70 70 69 67 66 68 71 71 73 76 76 Claims on Other Depository Corporations 637 670 557 558 563 678 653 608 611 675 664 669 623 637 1,012 Of which: Loans 637 670 557 558 563 678 653 608 611 675 664 669 623 637 1,012 Other Liabilities to ODCs 2,857 972 2,082 1,985 2,446 1,530 1,851 1,996 2,450 1,592 2,894 3,246 2,758 2,678 753 Of which: Repos 564 188 499 515 344 21 784 763 978 307 1,171 918 983 1,396 0 Other Items(Net) 2/ -3,037 -2,836 -2,514 -2,951 -3,125 -3,294 -3,297 -3,202 -3,011 -3,069 -3,230 -3,447 -3,803 -3,373 -3,491 Shares and Other Equity 3,476 3,228 3,135 3,186 3,307 3,525 3,587 3,519 3,410 3,269 3,706 3,847 3,930 3,778 3,612 Other Items(Net) 439 392 621 235 183 231 290 316 399 200 476 400 128 405 120 Monetary Base Incl. foreign currency clearing balances 6,486 7,693 8,487 7,906 7,617 8,238 7,960 8,037 8,808 8,862 8,772 8,405 8,797 8,469 9,873 Monetary Base 6,052 7,078 7,618 7,221 6,955 7,509 7,098 7,202 7,937 7,999 7,972 7,597 8,022 7,704 9,003 Currency In Circulation 4,551 5,126 5,669 5,373 5,143 5,227 5,158 5,295 5,697 5,745 5,744 5,681 5,656 5,889 6,412 Liabilities to ODCs 1,501 1,952 1,949 1,848 1,812 2,281 1,939 1,906 2,240 2,254 2,228 1,916 2,367 1,815 2,592 Reserve Deposits 1,501 1,952 1,949 1,848 1,812 2,281 1,939 1,906 2,240 2,254 2,228 1,916 2,367 1,815 2,592 Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Foreign Currency Clearing Balances 434 615 869 685 662 730 863 836 871 863 800 807 774 765 869

Source: Statistics Department, Bank of Uganda.

Note: 1. Includes staff loans and development finance loans to private sector. 2. Comprises other assets and other liabilities not classified elsewhere. 17

Table 4.3: Other Depository Corporations Survey (stocks) (Shs, billion) 2017 2018 2019 2020 As at end of Dec Dec Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Net Foreign Assets -25 781 915 1,078 1,164 1,705 1,590 2,172 1,506 1,258 1,041 1,036 1,384 1,445 1,464 Claims on Non Residents 2,270 2,910 3,029 3,279 3,407 3,929 3,865 4,296 3,813 3,731 3,633 3,721 4,040 4,158 3,972 Of Which: Foreign Currency 421 445 398 391 365 505 604 522 482 426 432 562 610 626 714 Deposits 1,618 2,250 2,419 2,664 2,888 3,249 3,120 3,606 3,133 3,117 3,030 2,988 3,219 3,345 3,095 Loans 229 184 198 209 139 147 117 145 168 149 147 149 185 158 133 Less Liabilities to Non Residents 2,295 2,129 2,114 2,201 2,243 2,224 2,275 2,124 2,307 2,472 2,593 2,685 2,656 2,712 2,507 Of Which: Deposits 542 650 625 648 635 631 615 609 647 646 707 676 672 694 673 Loans 1,729 1,447 1,375 1,424 1,461 1,420 1,471 1,341 1,472 1,622 1,679 1,811 1,787 1,803 1,633

Net Domestic Assets (NDA) 17,954 18,530 21,739 21,408 21,871 21,483 22,377 22,432 23,916 23,203 24,451 24,890 25,166 25,315 25,114 Domestic Claims 18,371 20,268 23,126 23,401 23,640 23,760 24,490 24,697 25,375 25,696 25,730 26,121 26,644 27,225 28,216 Net Claims on Central Government 4,955 5,256 6,161 6,586 6,899 6,780 7,231 7,354 8,033 8,367 8,455 8,522 8,885 9,398 9,936 Claims on Central Government 5,702 6,110 7,336 7,152 7,506 7,556 7,796 7,911 8,575 8,814 8,994 9,081 9,477 10,050 11,026 Less Liabilities to Central Government 747 854 1,176 566 607 776 565 557 542 447 539 559 593 652 1,090 Claims on Other Sectors 13,416 15,012 16,966 16,815 16,742 16,980 17,259 17,343 17,342 17,328 17,275 17,599 17,759 17,827 18,280 Other Financial Corporations 14 24 57 37 26 31 26 25 24 22 21 21 75 17 12 State and Local Government 1 1 2 2 2 1 1 1 1 1 2 1 1 1 1 Public Non Financial Corporations 40 54 125 129 130 134 135 24 26 28 27 27 25 69 70 Private Sector 13,360 14,933 16,782 16,648 16,585 16,814 17,097 17,293 17,290 17,277 17,225 17,549 17,658 17,740 18,197 Of which: Loans 13,359 14,922 16,760 16,626 16,566 16,774 17,062 17,263 17,260 17,251 17,214 17,531 17,626 17,712 18,173

Claims on the Central Bank 5,276 4,167 5,610 5,023 5,346 4,870 5,059 5,117 5,914 5,134 6,381 6,467 6,318 5,797 4,989 Currency 735 901 980 745 770 724 710 667 820 827 786 859 759 822 976 Reserve Deposits 1,991 2,639 2,879 2,617 2,457 2,954 2,833 2,791 2,980 3,059 3,070 2,694 3,155 2,651 3,607 Other Claims 2,550 627 1,751 1,661 2,118 1,192 1,516 1,658 2,113 1,249 2,526 2,914 2,403 2,324 407 Liabilities to the Central Bank 483 408 335 335 337 439 417 373 379 441 431 431 382 400 780

Other Items(Net) -5,211 -5,497 -6,662 -6,682 -6,778 -6,708 -6,755 -7,009 -6,994 -7,186 -7,229 -7,267 -7,413 -7,307 -7,311 Shares and Other Equity 5,049 5,469 6,310 6,370 6,407 6,469 6,479 6,524 6,691 6,685 6,784 6,902 6,968 6,989 6,989 Other Items(Net) -162 -27 -352 -312 -371 -238 -275 -485 -303 -501 -445 -365 -445 -318 -322

Deposits Liabilities to the Public 17,928 19,312 22,655 22,486 23,035 23,188 23,967 24,604 25,422 24,462 25,492 25,926 26,550 26,761 26,578 Deposits Included in Broad Money 17,800 19,170 22,429 22,261 22,843 22,986 23,764 24,402 25,190 24,229 25,259 25,678 26,302 26,512 26,316 Foreign Currency Deposits 6,064 6,758 7,756 7,522 7,718 7,952 8,341 8,652 8,494 8,425 8,351 8,506 8,852 8,994 8,796 Local Currency Deposits 11,735 12,411 14,673 14,739 15,126 15,034 15,423 15,750 16,696 15,804 16,909 17,172 17,450 17,518 17,520 Transferable Deposits 5,320 5,615 6,758 6,840 7,052 6,983 7,107 7,175 7,801 6,924 7,985 7,554 8,031 8,033 8,136 Other Deposits 6,415 6,796 7,916 7,899 8,074 8,051 8,316 8,575 8,895 8,881 8,923 9,618 9,419 9,485 9,384 Deposits Excluded from Broad Money 129 142 225 225 191 203 203 203 232 232 232 248 248 248 262

Source: Statistics Department, Bank of Uganda.

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Table 4.4a: Commercial bank assets (stocks) (Shs, billion) 2017 2018 2019 2020 As at end of Dec Dec Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Currency and Deposits 5,110.1 6,639.1 7,175.9 6,936.8 6,916.0 7,985.4 7,614.3 8,043.8 7,900.9 7,938.8 7,849.2 7,726.2 8,453.0 8,096.9 9,214.2 Currency 1,109.2 1,293.6 1,318.6 1,078.4 1,070.5 1,171.0 1,254.0 1,130.4 1,240.5 1,188.4 1,158.8 1,355.8 1,306.4 1,377.1 1,623.4 Transferable Deposits 4,000.9 5,345.5 5,857.4 5,858.5 5,845.6 6,814.4 6,360.3 6,913.4 6,660.4 6,750.4 6,690.4 6,370.4 7,146.7 6,719.9 7,590.8 Other Deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Securities other than shares 7,594.2 6,486.1 8,468.4 8,157.2 9,112.6 8,532.1 8,307.0 8,606.9 8,843.5 8,866.7 9,444.7 10,184.7 9,992.4 10,038.7 10,505.5 Depository Corporations 1,983.8 450.0 1,249.7 1,143.2 1,770.9 1,166.9 728.7 893.6 1,134.2 941.8 1,354.6 1,996.0 1,419.5 926.3 406.4 Other Financial Corporations 0.4 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 Central Government 5,610.1 6,035.7 7,218.5 7,013.8 7,341.5 7,365.0 7,578.2 7,713.1 7,709.1 7,924.7 8,090.0 8,188.6 8,572.7 9,112.3 10,098.9 Loans 13,050.7 13,979.8 15,836.9 15,757.5 15,422.7 15,266.2 16,306.3 16,335.7 17,262.9 16,562.9 17,398.0 17,436.9 17,651.2 18,056.8 17,005.2 Central Bank 564.7 188.2 495.9 515.6 343.7 21.0 784.3 762.5 978.9 306.6 1,170.9 918.3 983.5 1,397.2 0.0 Other Depository Corporations 35.3 95.3 72.7 104.4 92.3 68.4 89.8 39.3 80.8 88.8 103.1 157.1 135.5 86.5 71.8 Other Financial Corporations 10.0 17.9 49.9 30.1 19.2 24.7 19.4 18.6 17.0 14.8 14.0 13.0 66.2 8.9 5.4 Central Government 58.5 46.6 28.6 24.9 25.3 24.9 25.1 21.1 652.6 675.6 685.0 677.1 681.9 695.6 687.6 State and local government 1.3 1.0 2.0 1.9 1.6 1.3 1.3 1.3 1.2 1.2 1.5 1.2 1.1 1.1 1.1 Public Nonfinancial Corporations 34.3 46.0 116.2 121.0 122.2 127.0 127.5 16.5 19.2 20.3 19.4 19.2 17.6 61.3 62.4 Other Nonfinancial Corporations 8,150.8 8,988.9 9,746.4 9,573.5 9,455.6 9,601.1 9,971.6 10,158.1 10,110.6 10,009.4 9,948.2 10,118.0 10,132.7 10,158.8 10,536.4 Other Resident Sectors 3,966.5 4,411.7 5,127.6 5,177.0 5,223.5 5,250.7 5,170.5 5,173.4 5,234.2 5,296.8 5,309.0 5,383.5 5,447.1 5,489.3 5,507.9 Non-residents 229.4 184.1 197.6 209.1 139.3 147.1 116.9 144.9 168.4 149.4 147.0 149.5 185.5 158.2 132.6 Shares and Other Equity 13.3 12.8 11.6 11.6 11.6 11.6 11.6 11.6 11.5 11.5 11.1 11.1 11.1 11.5 10.3 Other Depository Corporations 10.4 8.8 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.1 7.1 7.1 7.5 7.5 Other Financial Corporations 2.4 3.8 3.7 3.7 3.7 3.7 3.7 3.7 3.6 3.6 3.6 3.6 3.6 3.6 2.4 Public Nonfinancial Corporations 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 Other Nonfinancial Corporations 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 Non-residents 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 Insurance Technical Reserves 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Finance Derivatives 14.5 49.7 98.2 120.8 144.7 208.3 216.2 195.2 211.9 225.9 202.9 193.1 202.3 221.2 222.3 Other Accounts Receivable 963.7 999.2 1,054.0 1,179.5 1,152.0 1,291.9 1,306.4 1,217.5 1,387.4 1,110.8 1,102.7 1,164.4 1,303.9 1,483.7 1,257.0 Non-Financial Assets 1,775.3 1,908.5 2,439.0 2,433.3 2,495.5 2,507.0 2,514.9 2,532.9 2,559.0 2,504.2 2,521.7 2,516.6 2,520.1 2,515.1 2,564.0 Fixed Assets 1,775.3 1,908.5 2,439.0 2,433.3 2,495.5 2,507.0 2,514.9 2,532.9 2,559.0 2,504.2 2,521.7 2,516.6 2,520.1 2,515.1 2,564.0 TOTAL ASSETS 28,521.8 30,075.2 35,084.1 34,596.8 35,255.1 35,802.5 36,276.7 36,943.6 38,177.1 37,220.9 38,530.3 39,233.1 40,134.0 40,424.0 40,778.6 Source: Statistics Department, Bank of Uganda.

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Table 4.4b: Commercial bank liabilities (stocks) (Shs, billion) 2017 2018 2019 2020 As at end of Dec Dec Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Deposits 18,561.1 20,052.5 23,617.5 22,866.1 23,372.7 23,664.2 24,207.5 24,826.9 25,599.5 24,503.2 25,688.1 26,056.2 26,726.4 26,959.2 27,395.1 Other Depository Corporations 195.8 273.6 358.1 350.9 318.0 359.6 367.4 408.1 428.4 397.3 377.7 415.7 449.5 422.4 566.1 Other Financial Corporations 908.8 858.7 1,068.3 1,099.8 1,015.4 1,077.4 1,217.4 1,356.3 1,252.0 1,141.9 1,725.8 1,759.3 1,599.7 1,626.7 1,530.4 Central Government 746.6 839.3 1,175.8 566.4 607.1 776.3 564.6 556.7 541.9 446.9 538.6 558.8 592.8 651.9 1,090.0 State and local government 153.7 143.7 172.6 158.3 176.3 147.1 145.6 140.0 94.0 48.3 76.2 66.6 82.9 100.3 98.0 Public Nonfinancial Corporations 243.2 301.2 512.4 548.4 683.6 609.6 608.4 648.1 642.6 620.1 642.3 639.2 687.3 669.6 656.8 Other Nonfinancial Corporations 7,301.9 8,115.8 9,558.3 9,431.8 9,891.0 9,854.4 10,127.0 10,452.0 10,723.7 10,068.7 10,494.8 10,931.7 11,417.6 11,217.3 10,943.2 Other Resident Sectors 8,469.3 8,870.1 10,147.2 10,062.7 10,046.4 10,209.2 10,562.4 10,656.5 11,270.4 11,134.3 11,125.8 11,009.3 11,224.5 11,576.9 11,837.5 Non-residents 541.9 650.2 624.8 647.7 634.9 630.5 614.8 609.2 646.6 645.6 706.9 675.8 672.0 694.1 673.2 Securities other than Shares 1.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Depository Corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Financial Corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Nonfinancial Corporations 1.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Resident Sectors 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Loans 2,492.6 2,229.2 2,143.2 2,198.2 2,251.5 2,418.6 2,259.3 2,060.5 2,250.2 2,451.3 2,504.3 2,782.5 2,789.1 2,734.6 2,875.8 Central Bank 478.5 400.1 325.6 326.2 327.8 427.9 405.6 361.1 367.7 429.6 419.5 419.9 370.9 388.9 769.6 Other Depository Corporations 239.1 352.9 469.6 476.0 489.9 622.2 435.6 413.7 464.3 463.1 484.1 627.8 681.0 617.8 546.6 Other Financial Corporations 57.5 51.4 59.0 58.2 58.1 51.2 49.4 48.7 47.2 46.3 45.8 44.2 42.5 43.4 46.4 Other Resident Sectors 27.4 27.9 34.6 35.3 35.1 35.6 36.1 34.5 31.8 31.8 32.1 31.5 52.3 31.0 28.4 Non-residents 1,690.2 1,396.8 1,254.4 1,302.6 1,340.5 1,281.7 1,332.7 1,202.5 1,339.3 1,480.5 1,522.7 1,659.1 1,642.4 1,653.5 1,484.9 Insurance Technical Reserves 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Financial Derivatives 24.6 60.3 137.2 149.9 162.2 194.5 203.2 185.5 213.7 241.5 239.5 226.4 238.1 256.7 253.5 Central Bank 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Depository Corporations 3.2 9.6 9.7 9.8 9.6 15.3 11.8 10.8 18.6 26.1 30.5 23.0 28.9 28.2 36.9 Other Financial Corporations 0.0 0.1 0.1 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.2 0.1 Central Government 0.0 14.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Public Nonfinancial Corporations 0.0 0.0 0.9 0.7 0.3 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Nonfinancial Corporations 1.4 6.9 13.7 12.2 8.2 6.7 5.6 5.2 11.5 14.3 7.9 9.2 7.8 9.9 13.1 Other Resident Sectors 0.0 1.7 2.2 1.5 1.3 2.4 1.8 1.1 1.0 1.2 0.0 0.9 9.9 8.1 7.7 Non-residents 20.0 27.7 110.6 125.6 142.7 169.9 183.7 168.4 182.7 199.9 201.1 193.3 191.4 210.3 195.8 Other Accounts Payable 3,083.5 3,124.0 3,897.1 4,028.9 4,086.2 4,122.1 4,174.1 4,350.1 4,455.0 4,387.4 4,363.6 4,326.1 4,475.0 4,531.6 4,350.7 Shares and Other Equity 4,358.1 4,609.1 5,289.0 5,353.7 5,382.6 5,403.1 5,432.5 5,520.7 5,658.7 5,637.5 5,734.8 5,841.9 5,905.5 5,941.8 5,903.4 TOTAL LIABILITIES 28,521.8 30,075.2 35,084.1 34,596.8 35,255.1 35,802.5 36,276.7 36,943.6 38,177.1 37,220.9 38,530.3 39,233.1 40,134.0 40,424.0 40,778.6 Source: Statistics Department, Bank of Uganda.

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Table 4.5: The components of broad money (stocks) – M3 (Shs, billions) Currency Private Outside Private Private Time Foreign Depository Demand & Savings Exchange Corporations Deposits M1 Deposits M2 Accounts M3 End of (1) (2) (3) = (1) + (2) (4) (5) = (3) + (4) (6) (7) = (5) + (6) 2011 2,074 2,468 4,542 3,286 7,828 2,788 10,616 2012 2,240 3,168 5,407 3,576 8,983 3,279 12,262 2013 2,364 3,365 5,729 4,060 9,789 3,688 13,476 2014 2,748 3,877 6,624 4,615 11,240 4,205 15,445 2015 3,157 3,684 6,841 5,025 11,866 5,391 17,258 2016 3,465 4,350 7,814 5,658 13,473 5,707 19,179

2017 Mar 3,162 4,603 7,765 5,702 13,467 5,811 19,278 Jun 3,329 4,812 8,141 6,110 14,251 5,921 20,171 Sep 3,328 4,926 8,254 6,099 14,354 5,962 20,315 Dec 3,816 5,320 9,136 6,415 15,551 6,064 21,615

2018 Jan 3,616 5,342 8,959 6,043 15,002 6,090 21,091 Feb 3,462 5,633 9,095 6,146 15,242 6,200 21,441 Mar 3,604 5,468 9,071 6,218 15,290 6,160 21,450 Apr 3,414 5,364 8,777 6,320 15,098 6,219 21,317 May 3,473 5,526 9,000 6,421 15,420 6,312 21,733 Jun 3,760 5,686 9,446 6,524 15,970 6,780 22,750 Jul 3,737 5,117 8,854 6,480 15,333 6,358 21,691 Aug 3,807 5,485 9,292 6,528 15,819 6,633 22,452 Sep 3,846 5,624 9,469 6,466 15,935 6,569 22,504 Oct 3,823 5,475 9,297 6,589 15,886 6,724 22,610 Nov 4,029 5,918 9,947 6,766 16,713 6,673 23,386 Dec 4,225 5,615 9,840 6,796 16,636 6,758 23,395

2019 Jan 4,006 5,713 9,719 6,640 16,360 6,717 23,077 Feb 3,750 6,010 9,760 6,778 16,538 6,750 23,288 Mar 3,777 5,784 9,561 6,888 16,449 6,455 22,905 Apr 3,726 5,850 9,576 6,912 16,487 6,830 23,317 May 3,825 6,032 9,857 7,025 16,882 7,102 23,984 Jun 3,993 6,025 10,018 7,261 17,279 7,133 24,412 Jul 3,914 5,688 9,602 7,192 16,793 7,095 23,888 Aug 4,154 6,265 10,419 7,450 17,869 7,471 25,340 Sep 4,090 6,422 10,513 7,490 18,003 7,156 25,158 Oct 4,196 6,486 10,682 7,837 18,519 7,464 25,983 Nov 4,473 6,587 11,060 7,942 19,003 7,423 26,425 Dec 4,689 6,758 11,446 7,916 19,362 7,756 27,118

2020 Jan 4,628 6,840 11,468 7,899 19,367 7,522 26,889 Feb 4,372 7,052 11,424 8,074 19,498 7,718 27,216 Mar 4,503 6,983 11,486 8,051 19,537 7,952 27,489 Apr 4,448 7,107 11,555 8,316 19,871 8,341 28,213 May 4,628 7,175 11,803 8,575 20,378 8,652 29,030 Jun 4,877 7,801 12,678 8,895 21,573 8,494 30,067 Jul 4,918 6,924 11,842 8,881 20,722 8,425 29,147 Aug 4,958 7,985 12,943 8,923 21,867 8,351 30,218 Sep 4,822 7,554 12,377 9,618 21,994 8,506 30,500 Oct 4,896 8,031 12,928 9,419 22,346 8,852 31,198 Nov 5,067 8,033 13,100 9,485 22,585 8,994 31,579 Dec 5,436 8,136 13,572 9,384 22,956 8,796 31,752

2021 Jan 5,368 7,914 13,282 9,499 22,781 9,057 31,838 Feb 5,282 7,970 13,251 9,613 22,865 9,046 31,911 Mar 5,382 7,962 13,344 9,691 23,035 8,912 31,947

Source: Statistics Department, Bank of Uganda. Notes:

1. M1 = Currency in circulation plus private sector demand deposits at commercial banks, credit institutions, micro deposit-taking institutions and SACCOs. 2. M2 = M1 plus private sector savings and time deposits at commercial banks, credit institutions, micro deposit-taking institutions and SACCOs. 3. M3 = M2 plus private sector foreign currency deposits at commercial banks and credit institutions. 21

Table 4.6: Selected financial soundness indicators for commercial banks (%). Period 2017 2018 2019 2020 Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec

Capital Adequacy (%) Regulatory capital to risk-weighted assets 22.8 23.6 23.8 23.2 23.8 21.8 21.6 21.6 22.2 21.3 21.4 21.8 21.9 22.7 22.5 22.2 Regulatory tier 1 capital to risk-weighted assets 20.4 21.4 21.5 20.9 21.5 19.7 19.8 19.8 20.4 19.6 19.6 20.1 20.3 21.1 20.9 20.6 NPLs less specific provisions to capital 11.9 11.0 12.6 8.1 7.7 7.1 7.7 5.2 6.3 6.1 7.2 8.8 9.8 11.2 8.9 9.2 Insider loans to total capital 3.4 3.4 3.3 5.5 5.1 3.0 2.8 2.7 2.8 2.5 2.3 2.5 2.4 2.2 2.1 2.2 Total capital to total assets 16.9 17.0 17.2 17.6 18.0 17.0 17.7 17.6 17.6 17.0 17.2 17.1 17.2 16.9 16.9 16.3 Leverage ratio 11.0 11.4 11.3 11.2 11.7 11.1 11.4 11.1 11.5 11.1 11.0 10.7 11.8 11.6 11.3 10.9

Asset quality (%) NPLs to total gross loans 6.3 6.2 7.2 5.6 5.3 4.4 4.7 3.4 3.8 3.8 4.4 4.9 5.4 6.0 5.1 5.3 NPLs to total deposits 4.1 4.0 4.6 3.6 3.4 2.8 3.1 2.3 2.5 2.5 2.8 3.1 3.3 3.7 3.1 3.2 Specific provisions to NPLs 43.4 43.6 45.0 54.5 53.4 50.1 50.1 54.1 47.5 49.3 48.3 43.7 37.8 39.1 43.5 45.0 Earning assets to total assets 67.5 69.2 70.9 71.9 72.2 68.2 69.0 69.1 73.2 71.7 72.5 69.8 68.2 67.4 69.8 69.1 Large exposures to gross loans 37.8 37.4 37.3 38.0 36.4 43.2 44.5 42.9 42.6 44.3 45.0 42.8 40.6 42.0 42.6 42.5 Large exposures to total capital 99.8 97.5 95.2 94.8 90.6 113.7 116.9 112.5 110.5 116.7 116.7 110.0 101.7 107.5 107.3 110.7

Earnings & profitability (%) Return on assets 1.4 1.7 1.5 2.7 2.6 2.8 2.8 2.5 2.8 2.7 2.8 2.9 2.8 2.6 2.6 2.4 Return on equity 8.3 10.2 8.7 16.4 15.0 16.7 16.3 14.4 15.9 15.8 16.1 16.7 15.9 15.2 15.1 14.2 Net interest margin 12.7 12.3 11.8 11.6 11.6 11.5 11.3 11.1 11.0 11.2 11.2 11.3 11.2 10.9 10.4 10.2 Yield on advances 17.2 16.7 16.3 15.6 16.2 15.9 15.6 15.5 15.8 15.6 15.8 15.7 16.0 15.5 15.2 14.5 Cost of deposits 3.3 3.1 3.0 2.8 2.7 2.5 2.4 2.3 2.4 2.3 2.5 2.5 2.6 2.5 2.5 2.4 Cost to income 84.1 81.6 82.9 74.0 74.8 72.8 72.6 73.9 72.1 72.9 72.2 72.0 73.2 74.3 74.3 75.1 Overhead to income 47.7 48.4 49.1 48.9 50.3 51.2 52.3 53.7 53.0 52.2 51.4 51.6 51.6 51.0 50.8 50.9

Liquidity (%) Short term gap - 16.9 - 19.0 - 18.0 - 16.8 - 19.4 - 20.6 - 20.7 - 22.1 - 23.9 - 22.2 - 21.6 - 20.5 - 21.7 - 22.2 - 22.2 - 25.6 Liquid assets to total deposits 48.8 50.1 48.3 54.6 52.9 46.6 43.9 45.5 44.1 45.5 50.3 48.6 48.8 49.1 48.8 50.7 Liquid assets to total assets 33.4 34.6 33.1 37.4 36.7 32.8 30.6 31.7 30.1 31.5 35.0 33.8 34.3 34.9 34.3 35.4 Interbank borrowings to total deposits 2.1 1.9 2.1 1.5 1.7 1.6 1.9 1.9 2.6 1.8 1.4 2.1 2.7 1.9 2.5 2.1 Bank-funded advances to total deposits 58.4 58.5 57.3 58.1 60.2 59.3 62.2 61.8 62.4 60.7 60.4 59.7 57.9 57.2 55.7 56.2

Market Sensitivity (%) Forex exposure to regulatory tier 1 capital - 8.1 - 7.0 - 5.5 - 5.4 - 7.9 - 5.2 - 5.0 - 7.5 - 4.3 - 3.6 - 2.4 - 4.7 - 6.5 - 6.9 - 7.5 - 6.0 Forex loans to forex deposits 73.4 72.1 70.8 71.5 70.6 62.9 67.8 63.0 68.2 61.8 62.8 60.1 56.6 62.7 62.2 62.1 Forex assets to forex liabilities 96.7 91.8 90.6 92.4 98.3 99.9 98.4 94.1 91.3 88.2 86.5 92.3 93.8 98.1 95.7 99.5

Source: Financial Stability Department, Bank of Uganda. 22

Table 4.7: Outstanding stock of loans by economic sector from commercial banks (Shs, billion). Period 2018 2019 2020 Dec Mar Jun Sep Dec Mar Jun Sep Dec Agriculture 1,684.2 1,664.0 1,750.6 1,887.7 1,982.2 1,934.3 1,959.0 1,984.0 2,019.0 Production 589.3 606.0 643.7 679.7 684.5 691.0 702.2 730.5 726.2 Farming (Crops, Livestock and Poultry) 553.1 568.3 603.4 632.6 629.3 644.3 656.9 686.4 684.5 Fishing 6.0 5.9 6.5 6.0 5.5 4.8 4.6 11.0 12.6 Forestry 1.0 1.5 1.1 2.2 2.1 2.2 1.9 2.2 2.2 Other 29.2 30.3 32.7 39.0 47.5 39.6 38.9 30.9 27.0 Processing & Marketing 1,094.9 1,058.0 1,106.9 1,207.9 1,297.7 1,243.3 1,256.7 1,253.5 1,292.8 O/w Marketing 285.1 279.0 272.1 264.5 268.7 276.0 283.9 294.6 306.4 Mining and Quarrying 97.0 111.3 77.7 72.3 88.0 49.6 44.4 45.7 44.0 Crude Petroleum & Natural Gas 45.5 49.3 27.0 13.0 15.0 13.5 9.6 11.7 11.1 Other Mining & Quarrying 51.5 62.0 50.6 59.3 73.0 36.1 34.8 34.0 32.9 Manufacturing 1,755.0 1,885.4 2,017.7 1,944.6 1,928.8 1,863.7 1,980.0 1,962.4 2,049.0 Food, Beverages and Tobacco 457.6 532.7 634.5 613.4 592.0 583.2 643.5 696.0 684.4 Textiles, Apparel and Leather 96.7 92.9 121.3 115.4 120.5 117.5 124.6 118.3 109.8 Wood, Wood Products & Furniture 19.8 16.9 20.9 35.7 29.6 25.8 34.1 25.9 93.9 Paper, Paper Products, Printing & Publishing 142.9 150.5 167.7 184.7 197.6 191.3 204.9 221.5 201.3 Chemicals, Pharmaceuticals, Plastic and Rubber Products 264.3 306.5 342.4 315.1 292.7 303.5 309.5 316.4 327.2 Basic and Fabricated Non-Metal and Metal Products 143.1 126.4 138.2 138.9 160.7 130.3 113.8 114.8 126.1 Building & Construction Materials. 253.3 295.3 239.3 236.8 201.7 183.6 219.7 135.0 156.0 Other Manufacturing Industries 377.3 364.3 353.4 304.5 334.0 328.6 329.7 334.5 350.4 Trade 2,568.1 2,538.0 2,713.5 2,739.9 2,898.7 2,834.8 2,725.4 2,723.0 2,788.6 Wholesale Trade 1,150.0 1,110.9 1,069.4 1,129.2 1,165.7 1,119.9 1,088.5 1,054.0 978.1 Retail 890.7 895.8 1,080.5 1,033.8 1,157.5 1,194.4 1,147.6 1,191.7 1,229.8 Restaurants and Hotels 264.0 295.3 274.2 272.4 278.3 240.4 246.0 255.7 282.3 Exports 16.1 7.9 8.6 21.9 27.6 22.6 28.1 23.7 22.9 Imports 247.0 227.0 280.4 282.3 269.2 257.1 214.8 197.5 275.1 Re-Exports 0.4 1.1 0.4 0.4 0.4 0.4 0.4 0.4 0.4 Transport and Communication 842.8 708.1 638.8 548.4 604.2 753.8 905.1 831.4 1,040.5 Land (Road & Rail) Transport 224.5 204.4 209.3 213.1 232.0 237.2 256.9 280.6 295.0 Water Transport 0.3 0.3 0.3 2.3 0.3 0.4 0.3 0.3 0.2 Air Transport 33.0 30.9 28.6 26.2 24.2 21.2 7.5 7.6 6.7 Travel Agencies 24.2 27.0 27.4 23.6 28.3 34.8 24.7 24.2 16.5 Postal & Courier Services 2.1 4.2 3.8 3.5 3.3 3.4 3.4 3.4 3.2 Telecommunications 558.7 441.3 369.4 279.7 316.1 456.8 612.3 515.2 718.9 Electricity and Water 276.3 262.5 284.4 273.0 296.9 200.7 281.9 330.6 317.3 Electricity, Lighting & Power 259.6 245.7 267.6 256.9 280.6 184.3 263.5 272.8 255.0 Water, Water Works & Supply 16.8 16.8 16.8 16.0 16.3 16.5 18.4 57.8 62.2 Building, Mortgage, Construction and Real Estate 2,748.8 2,839.4 2,921.2 3,099.1 3,113.9 3,224.1 3,379.6 3,410.7 3,421.5 Mortgage 1,210.2 1,228.7 1,261.5 1,297.4 1,329.8 1,399.2 1,415.4 1,407.9 1,412.0 Residential Mortgages 737.1 748.2 772.6 775.9 806.2 809.4 807.6 795.3 775.9 Commercial Mortgages 473.1 480.4 489.0 521.5 523.5 589.8 607.8 612.7 636.1 Land Purchase 108.4 112.4 107.5 122.8 125.9 121.8 113.0 105.2 104.8 Road Construction and Maintenance 35.3 44.0 34.6 52.1 40.9 50.6 48.7 50.0 46.2 General Construction Contractors 442.1 453.8 470.9 571.9 602.9 606.0 624.7 684.4 748.7 Specialised Contractors 90.8 86.0 72.3 82.0 85.6 78.7 81.4 84.7 84.4 Property Developers, Estate Agents and Letting Agents 862.0 914.5 974.3 973.0 928.9 967.7 1,096.3 1,078.4 1,025.3 Business Services 574.1 626.8 651.2 658.2 724.6 743.6 738.5 709.6 761.2 Working Capital 254.4 279.7 316.4 314.9 340.5 343.0 306.5 333.9 363.0 Other 319.7 347.1 334.7 343.3 384.1 400.6 432.1 375.7 398.2 Community, Social & Other Services 449.4 448.2 450.2 475.2 582.9 533.4 1,210.3 1,296.3 1,312.4 Education Services 279.8 270.2 278.8 297.2 368.7 353.7 383.1 456.7 458.9 Health Services 94.8 87.4 86.6 81.7 106.5 86.5 108.1 96.3 98.2 Membership Organisations, Community Development 58.0 64.2 59.3 70.3 80.5 65.1 690.4 715.3 725.5 Recreational, Cultural and Sporting Services 16.6 26.3 25.4 25.9 27.1 27.9 28.5 27.9 29.6 International Organisations 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.2 Personal Loans and Household Loans 2,448.5 2,459.8 2,518.0 2,577.3 2,687.0 2,770.1 2,661.6 2,784.9 2,922.4 Purchase of Durable Goods 1,487.8 1,464.6 1,462.4 1,465.8 1,497.7 1,540.7 1,462.0 1,530.3 1,631.2 o/w Auto (car) loans 7.0 7.0 7.9 9.1 7.7 8.3 11.7 14.1 16.9 Non durable goods and services 960.7 995.2 1,055.6 1,111.5 1,189.2 1,229.3 1,199.6 1,254.5 1,291.2 Other Services 59.3 73.2 127.8 119.4 120.1 127.5 163.3 153.9 150.7 TOTAL 13,503.5 13,616.7 14,151.2 14,395.0 15,027.3 15,035.6 16,049.1 16,232.4 16,826.4 Source: Statistics Department, Bank of Uganda.

Note: 1. Includes building/construction companies. 2. Includes plumbers, roof repair, and electrical contractors.

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Table 4.8a: Local currency denominated deposit liabilities of commercial banks (Shs, billion). Period 2018 2019 2020 Dec Mar Jun Sep Dec Mar Jun Sep Dec SHILLING DEPOSITS 12,073.6 12,384.9 13,013.7 13,599.1 14,408.8 14,720.3 16,273.4 16,683.1 17,232.7 1. Demand deposits 5,923.2 6,145.1 6,439.8 6,809.3 7,179.0 7,442.0 8,240.8 8,035.8 8,687.9 Central Govt - Budgetary Accounts 2.0 1.7 2.6 2.1 4.3 8.2 11.8 7.2 7.1 Central Govt - Project Accounts 2.5 2.5 1.5 1.7 0.9 2.2 0.6 0.9 3.7 Central Govt - Autonomous Agencies 126.3 131.1 168.6 167.0 183.8 171.3 193.1 248.7 250.3 Local Government 141.4 151.4 87.6 160.9 168.1 143.6 90.9 63.5 89.0 Non-Financial Public Enterprises 225.4 184.9 225.6 272.6 332.4 430.7 396.2 404.3 442.1 Commercial Banks 7.8 6.8 5.4 6.7 15.9 9.5 11.2 15.4 22.2 Credit Institutions 8.3 12.5 23.4 10.1 12.2 18.0 39.8 31.2 30.6 Micro-Finance Deposit Taking Institutions 22.2 20.2 24.7 24.4 21.5 39.2 37.2 27.8 33.0 Other Financial Institutions 189.4 201.4 229.8 202.1 208.5 253.7 256.9 308.6 367.1 o/w NSSF 4.6 28.2 11.7 19.5 4.6 21.1 12.8 39.7 6.5 Private Enterprises 3,475.5 3,520.4 3,722.9 4,016.7 4,216.4 4,349.6 4,985.4 4,871.5 5,047.0 Other Residents 1,587.6 1,730.4 1,763.7 1,774.5 1,836.7 1,808.8 2,075.0 1,909.9 2,194.5 Non-Resident Banks 95.1 131.6 124.6 98.8 112.5 121.1 102.1 73.0 99.5 Other Non-Residents 39.7 50.2 59.5 71.7 65.8 86.1 40.5 73.8 101.7 2. Savings deposits 3,302.2 3,223.0 3,463.0 3,447.2 3,801.5 3,855.7 4,393.5 4,352.5 4,540.0 Central Govt - Budgetary Accounts 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.8 Central Govt - Project Accounts 1.5 1.9 1.4 1.6 3.1 1.9 1.9 1.4 1.6 Central Govt - Autonomous Agencies 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 Local Government 1.9 1.7 1.1 0.8 2.0 1.7 1.8 1.7 3.4 Non-Financial Public Enterprises 0.3 0.0 0.0 0.0 0.5 0.6 0.0 0.0 0.5 Commercial Banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Credit Institutions 0.2 0.0 0.0 0.1 0.1 0.2 0.2 2.9 0.0 Micro-Finance Deposit Taking Institutions 0.0 0.0 0.0 0.0 1.1 1.4 0.0 0.0 0.0 Other Financial Institutions 59.4 34.0 16.8 12.9 13.8 14.2 33.4 31.7 69.4 o/w NSSF 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private Enterprises 52.4 67.3 72.8 67.2 64.5 66.9 88.1 83.8 75.4 Other Residents 3,185.0 3,110.3 3,364.7 3,360.4 3,712.7 3,765.5 4,264.2 4,227.1 4,384.9 Non-Resident Banks 0.0 2.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Non-Residents 1.3 5.2 6.0 4.1 3.7 3.3 3.9 3.8 4.0 3. Time deposits 2,848.2 3,016.8 3,110.9 3,342.6 3,428.3 3,422.6 3,639.1 4,294.7 4,004.7 Central Govt - Budgetary Accounts 0.0 0.0 3.1 2.4 3.2 3.2 4.7 5.2 4.5 Central Govt - Project Accounts 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Central Govt - Autonomous Agencies 86.9 88.0 79.5 77.6 56.2 60.7 14.1 18.0 13.2 Local Government 0.1 2.8 2.6 2.6 2.2 1.5 1.0 1.1 0.1 Non-Financial Public Enterprises 19.1 32.8 43.1 33.1 55.4 72.1 136.6 116.5 103.6 Commercial Banks 2.7 15.4 18.2 27.7 39.3 16.4 44.9 26.9 142.9 Credit Institutions 31.1 35.8 30.3 28.6 60.8 91.4 77.2 81.2 100.4 Micro-Finance Deposit Taking Institutions 57.9 54.0 57.7 64.2 83.2 103.5 108.9 105.5 107.7 Other Financial Institutions 396.5 523.8 546.9 698.0 648.3 625.7 742.5 1,219.8 877.0 o/w NSSF 62.5 44.7 57.4 107.8 158.5 139.9 208.7 221.8 152.5 Private Enterprises 731.2 746.5 752.4 825.3 862.5 757.4 723.8 928.5 881.9 Other Residents 1,498.6 1,489.9 1,549.5 1,571.3 1,604.4 1,684.6 1,727.1 1,759.6 1,767.3 Non-Resident Banks 20.9 21.5 22.1 2.8 10.5 4.0 0.0 0.0 0.0 Other Non-Residents 3.2 6.4 5.6 8.9 2.3 2.1 58.4 32.6 6.0 Source: Statistics Department, Bank of Uganda.

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Table 4.8b: Foreign currency denominated deposit liabilities of commercial banks (Shs, billion). Period 2018 2019 2020 Dec Mar Jun Sep Dec Mar Jun Sep Dec FOREIGN CURRENCY DEPOSITS 7,577.2 7,225.9 8,017.8 8,004.6 8,519.5 8,871.5 9,214.5 9,289.9 9,558.1 1. Demand deposits 4,664.8 4,312.2 4,801.2 4,942.3 5,479.3 5,707.6 6,028.2 6,024.9 6,463.6 Central Govt - Budgetary Accounts 0.1 0.1 0.1 0.1 32.4 52.1 48.1 48.4 42.8 Central Govt - Project Accounts 2.2 2.2 2.7 2.7 1.2 1.3 1.1 1.0 1.3 Central Govt - Autonomous Agencies 216.0 220.5 233.0 243.4 198.9 391.1 152.7 138.2 145.1 Local Government 0.1 0.2 0.3 0.3 0.3 0.3 0.3 0.3 5.5 Non-Financial Public Enterprises 44.2 35.2 67.3 61.9 106.5 97.8 55.5 64.0 93.9 Commercial Banks 43.0 35.2 46.8 49.7 75.9 51.2 49.3 52.2 78.8 Credit Institutions 1.9 7.1 2.7 3.0 3.0 14.4 22.9 31.3 12.9 Micro-Finance Deposit Taking Institutions 0.7 1.3 3.2 3.6 2.6 1.8 2.1 3.0 1.7 Other Financial Institutions 124.2 69.9 75.4 82.8 87.0 82.7 67.4 67.1 113.7 o/w NSSF 1.2 0.3 1.1 3.2 1.0 0.5 1.9 1.5 1.2 Private Enterprises 3,193.0 2,837.5 3,264.5 3,384.2 3,728.7 3,788.4 4,176.7 4,275.4 4,236.6 Other Residents 871.2 932.1 996.2 1,008.0 1,149.6 1,096.7 1,323.4 1,181.8 1,561.5 Non-Resident Banks 82.4 84.4 33.3 36.3 25.5 41.6 36.8 89.5 91.9 Other Non-Residents 85.9 86.5 75.7 66.3 67.6 88.3 92.1 72.9 77.7 2. Savings deposits 940.2 929.6 938.0 940.6 1,020.3 1,011.0 1,100.0 1,127.3 1,157.5 Central Govt - Budgetary Accounts 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Central Govt - Project Accounts 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Central Govt - Autonomous Agencies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Local Government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Non-Financial Public Enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial Banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Credit Institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Micro-Finance Deposit Taking Institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Financial Institutions 9.2 7.4 1.5 1.7 4.2 2.2 3.3 3.9 4.3 o/w NSSF 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private Enterprises 17.3 18.3 15.8 29.3 39.9 27.1 32.4 23.3 27.8 Other Residents 897.8 880.5 887.4 881.1 956.0 957.4 1,039.8 1,081.5 1,106.8 Non-Resident Banks 0.1 2.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Non-Residents 15.8 21.0 33.3 28.5 20.2 24.4 24.4 18.7 18.6 3. Time deposits 1,972.1 1,984.1 2,278.6 2,121.6 2,019.8 2,152.8 2,086.4 2,137.7 1,937.0 Central Govt - Budgetary Accounts 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Central Govt - Project Accounts 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Central Govt - Autonomous Agencies 0.0 0.0 0.0 0.0 2.5 12.0 2.3 6.7 15.2 Local Government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Non-Financial Public Enterprises 12.2 17.0 23.6 10.2 17.6 8.4 54.3 54.3 16.6 Commercial Banks 93.8 90.6 89.1 70.1 41.7 11.5 33.6 29.7 34.7 Credit Institutions 4.1 4.1 0.0 0.0 0.0 0.0 1.0 8.5 1.0 Micro-Finance Deposit Taking Institutions 0.0 0.0 1.8 0.9 0.8 1.1 0.0 0.0 0.0 Other Financial Institutions 80.0 91.7 112.5 94.1 101.3 99.0 148.5 128.2 98.8 o/w NSSF 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private Enterprises 646.5 666.2 766.3 674.2 642.6 865.0 717.3 749.2 674.6 Other Residents 829.8 870.1 889.8 893.1 887.8 896.2 840.9 849.4 822.4 Non-Resident Banks 282.1 240.3 378.4 355.1 307.9 241.1 266.0 288.6 250.7 Other Non-Residents 23.6 4.0 17.0 24.1 17.7 18.6 22.5 22.9 22.9

Source: Statistics Department, Bank of Uganda.

25

Table 4.9: Weighted average lending rates on shilling and foreign currency denominated loans from commercial banks (%) 2019 2020 Shilling Loans Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Agriculture: Crops, Livestock Poultry and Fisheries 23.9 23.3 19.7 20.3 19.2 22.0 23.0 21.1 21.3 20.6 22.8 21.4 21.9 20.9 22.2 17.9 20.9 21.7 22.8 20.2 22.1 22.2 21.1 21.2 Mining and Quarrying 20.1 16.1 20.4 20.0 19.9 20.2 22.0 13.7 21.1 21.8 14.6 21.4 20.9 23.2 12.3 20.1 21.8 21.1 20.7 20.5 20.2 19.7 20.3 20.3 Manufacturing 17.4 18.0 17.7 12.1 14.5 16.8 19.2 17.6 18.3 18.0 16.9 19.2 19.7 18.1 17.3 18.0 17.1 16.5 18.6 17.0 15.7 13.0 15.5 16.8 Trade 21.0 20.5 18.2 16.9 20.3 16.8 20.3 19.8 17.7 18.2 18.2 18.7 20.0 17.8 15.7 17.9 16.6 17.8 20.7 19.9 19.4 18.4 18.7 17.6 Transport and Communication. 20.8 17.7 17.8 15.9 23.4 14.8 21.8 22.9 20.3 14.9 12.5 19.4 21.0 22.8 15.9 15.1 17.8 14.2 21.8 22.3 22.5 21.2 22.3 13.6 Electricity and Water 22.3 23.8 15.0 22.5 22.8 18.4 22.6 25.9 17.2 24.5 25.0 25.0 24.1 19.7 23.1 14.9 23.3 15.7 22.6 18.4 19.8 18.0 15.5 17.1 Building, Mortgages, Construction and Real Estate 23.2 22.9 23.4 22.3 21.2 23.2 22.1 21.3 22.6 23.0 22.1 21.2 23.2 21.6 22.0 20.6 20.1 23.0 23.9 20.0 22.8 22.3 21.9 20.4 Residential Mortgage 22.6 22.6 23.4 22.0 20.6 23.1 21.5 21.1 23.0 22.8 21.8 20.9 23.3 21.0 23.1 20.1 20.0 22.8 23.8 21.2 22.5 22.4 22.2 20.9 Commercial Mortgage 23.6 22.4 22.9 23.2 22.6 23.0 22.1 22.5 21.8 23.1 23.1 21.5 23.0 23.4 19.5 21.2 20.4 23.7 24.4 17.8 23.6 22.0 21.7 22.2 Land Purchase 24.3 24.5 24.3 22.0 24.1 23.7 24.4 21.2 23.1 23.7 22.7 23.7 24.5 25.8 25.2 24.0 24.8 23.5 23.4 23.4 23.1 22.5 21.5 22.2 Other (Building , Construction and real estate 22.3 21.3 18.9 19.9 21.6 20.4 21.7 20.3 20.3 20.0 20.3 19.7 20.2 20.8 21.4 19.3 21.5 20.9 20.3 20.8 20.0 20.0 20.2 19.7 Mortgage & Land Purchase 23.2 22.9 23.4 22.3 21.2 23.2 22.1 21.3 22.6 23.0 22.1 21.2 23.2 21.6 22.0 20.6 20.1 23.0 23.9 20.0 22.8 22.3 21.9 21.4 Business Services 21.6 21.1 20.0 22.9 23.1 22.9 22.1 22.4 20.7 23.2 21.9 19.5 22.2 20.4 21.5 17.6 21.4 23.0 22.5 20.9 20.9 21.9 21.9 22.8 Community, Social and Other Services 21.3 21.3 19.8 22.1 21.2 22.5 22.6 21.2 21.4 20.8 22.7 20.7 21.1 22.6 22.1 21.4 15.3 21.6 21.5 19.1 18.8 18.3 21.6 18.4 Personal and Household Loans 21.7 22.2 21.9 22.1 22.0 21.8 21.9 21.6 22.1 21.7 16.8 15.5 17.3 17.5 17.3 19.1 21.2 21.3 21.2 21.0 20.4 20.7 20.8 20.4 Auto (car) loans 19.4 19.0 18.7 19.2 19.1 19.4 18.1 18.7 19.0 18.6 19.2 18.8 22.6 19.2 25.8 22.9 23.9 23.3 23.4 25.0 23.6 21.6 23.2 22.4 Other personal and household loans 22.3 22.8 22.8 22.6 22.7 22.4 22.7 22.4 22.8 22.6 16.5 15.3 17.3 17.5 17.2 19.1 21.2 21.3 21.2 20.9 20.4 20.7 20.8 20.3 Other Activities (not anywhere above) 21.8 25.1 24.4 24.7 20.7 22.8 21.4 22.2 23.5 25.8 18.5 23.9 20.5 22.2 14.3 22.2 16.8 16.7 12.1 12.3 17.8 18.9 18.9 18.4 Memo: Overall weighted Average Lending Rates 21.4 21.1 19.6 19.8 19.6 19.0 21.4 20.2 19.8 19.8 18.3 18.8 19.9 19.1 17.8 17.7 18.8 19.3 20.9 19.8 19.9 19.3 19.6 17.1 2019 2020 Forex Loans Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Agriculture: Crops, Livestock Poultry and Fisheries 6.5 5.4 5.8 7.5 7.2 6.2 7.0 4.0 5.1 6.2 6.8 5.8 6.8 8.1 8.0 4.6 8.5 4.5 3.7 2.8 4.5 6.0 4.0 5.4 Mining and Quarrying 6.9 7.9 8.2 8.0 7.4 11.6 7.6 7.7 7.3 10.7 9.9 11.0 7.0 9.0 7.6 7.0 2.0 7.3 9.2 16.8 16.4 15.1 9.4 7.0 Manufacturing 6.1 5.9 7.0 7.5 6.5 5.7 6.2 6.8 7.1 6.0 4.8 7.9 7.1 7.2 7.0 5.3 6.8 6.4 4.2 6.7 4.3 5.5 5.5 5.8 Trade 6.3 6.6 7.7 6.3 7.5 7.3 7.2 7.7 6.8 6.9 6.8 5.8 6.1 5.9 6.5 7.4 7.4 6.7 5.8 6.7 7.0 6.0 4.1 6.3 Transport and Communication. 5.7 11.0 5.8 9.8 10.5 4.3 6.3 11.3 6.8 6.0 9.5 6.1 7.0 8.2 5.1 8.4 5.1 8.8 6.7 3.6 8.7 6.0 7.1 6.2 Electricity and Water 9.3 8.6 9.3 9.6 9.3 7.0 10.3 9.3 9.5 8.8 7.2 7.5 8.1 9.5 5.3 9.0 9.0 7.6 6.4 6.1 8.7 8.2 6.3 8.9 Building, Mortgages, Construction and Real Estate … … … … … … … … … … … … … … … … … … … … … … … 6.3 Residential Mortgage 11.1 5.5 5.8 3.8 7.4 5.9 5.7 6.8 8.6 8.0 7.9 5.8 5.0 8.0 9.4 7.4 7.8 6.7 7.8 9.6 10.2 9.1 9.0 7.0 Commercial Mortgage 9.0 9.2 11.0 7.0 9.0 2.1 11.7 9.1 10.3 1.3 8.8 9.1 9.7 9.4 7.2 10.3 7.0 9.6 9.5 8.1 4.4 10.3 8.7 7.5 Land Purchase 0.0 9.0 0.0 11.0 0.0 3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9.0 9.0 0.0 0.0 0.0 7.0 0.0 0.0 Other (Building , Construction and real estate 9.4 9.1 8.0 8.3 9.2 8.4 6.1 6.9 7.7 7.5 9.4 4.8 8.0 6.8 5.6 6.1 1.7 3.4 7.1 3.5 7.4 7.1 7.8 6.2 Business Services 6.4 6.7 7.8 8.0 9.3 6.2 8.3 6.9 10.3 8.6 6.6 5.1 6.3 6.5 6.8 5.1 7.1 8.7 5.6 7.0 9.0 7.2 7.2 7.0 Community, Social and Other Services 11.6 7.2 9.1 11.5 9.0 10.8 11.7 6.2 3.8 7.3 5.9 8.6 8.1 10.4 7.3 5.8 8.3 5.0 11.0 9.2 2.8 5.2 11.0 9.6 Personal and Household Loans 9.5 8.6 9.8 11.2 9.8 8.9 7.1 7.5 9.5 9.4 9.5 11.0 0.0 19.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7.0 0.0 Other personal and household loans 9.1 10.4 10.6 10.6 9.8 9.2 6.5 8.6 8.5 10.7 10.7 5.3 9.8 5.4 9.6 9.5 7.3 7.1 9.3 8.2 9.7 8.4 8.7 6.9 Other Activities (not anywhere above) 8.7 14.7 13.9 10.0 12.6 14.7 8.6 11.8 13.7 10.3 2.4 7.0 14.8 7.3 3.1 7.0 2.0 14.8 14.8 14.8 14.9 5.2 0.0 0.0 Memo: Overall weighted Average Lending Rates 6.8 6.6 7.6 6.7 7.8 6.4 6.9 6.9 7.2 6.4 6.7 6.3 6.7 6.7 6.6 6.2 4.2 5.5 5.3 5.9 5.9 6.3 5.3 6.3

Source: Statistics Department, Bank of Uganda. 26

Table 4.10: Weighted average interest rates on deposits of commercial banks (%) Shilling denominated deposits Foreign currency deposits Period Demand Savings Time Demand Savings Time

2018 Jan 1.6 3.6 9.0 1.0 1.7 2.4 Feb 1.5 3.6 8.2 1.0 1.7 3.0 Mar 1.5 3.5 8.8 1.0 1.7 3.4 Apr 1.5 3.5 9.1 1.0 1.7 2.8 May 1.3 3.5 8.8 1.0 1.7 2.5 Jun 1.3 3.5 9.3 1.0 1.8 2.5 Jul 1.3 3.5 9.2 1.0 1.8 2.8 Aug 1.3 3.6 9.3 1.1 1.9 2.6 Sep 1.4 3.5 9.7 1.1 1.8 2.8 Oct 1.3 3.5 9.7 1.1 1.8 3.1 Nov 1.4 3.5 10.4 1.1 1.8 2.8 Dec 1.3 3.5 11.2 1.1 1.8 2.6

2019 Jan 1.4 3.6 10.9 1.1 1.9 3.2 Feb 1.4 3.6 9.9 1.1 1.8 3.5 Mar 2.5 3.9 10.3 1.0 1.8 3.8 Apr 2.4 3.9 10.7 1.0 1.8 3.0 May 1.3 3.5 10.5 1.0 1.8 3.1 Jun 1.3 3.4 10.0 1.0 1.8 3.0 Jul 1.4 3.3 10.3 1.0 1.8 2.3 Aug 1.4 2.5 10.1 1.0 1.8 2.1 Sep 1.4 2.5 9.8 1.0 1.8 3.0 Oct 1.5 2.5 9.7 1.0 1.8 3.4 Nov 1.5 2.4 9.5 1.0 1.8 2.5 Dec 1.5 2.4 9.7 1.0 1.8 2.8

2020 Jan 1.5 2.4 10.4 1.0 1.8 2.6 Feb 1.4 2.4 10.1 1.0 1.8 2.0 Mar 1.5 2.4 10.1 1.0 1.8 2.6 Apr 1.6 2.5 9.8 1.0 1.8 3.0 May 1.5 2.4 10.2 1.0 1.8 2.6 Jun 1.5 2.4 9.4 1.0 1.8 2.7 Jul 1.5 2.5 10.1 1.0 1.8 3.6 Aug 1.5 2.5 10.1 1.0 1.8 2.9 Sep 1.6 2.5 9.2 1.0 1.8 2.0 Oct 1.6 2.5 10.0 1.0 1.8 3.7 Nov 1.6 2.5 10.3 1.0 1.8 2.9 Dec 1.5 2.5 9.5 1.0 1.8 3.0

2021 Jan 1.6 2.5 9.9 1.0 1.8 4.1 Feb 1.6 2.5 9.8 1.0 1.8 3.0 Mar 1.6 2.5 6.7 1.0 1.8 3.7

Source: Economic Research Department, Bank of Uganda.

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Table 4.11: Official exchange rates (UShs per US Dollar) Interbank Foreign Exchange Effective Exchange Rates Market exchange rate Period Bureau Purchases (USD Sales (USD Period Average End Period Rate Millions) Millions) NEER 2011 2,522.7 2,491.0 2,515.9 6,789.7 6,837.5 184.0 2012 2,503.3 2,685.9 2,499.1 7,364.2 6,492.1 161.5 2013 2,586.5 2,528.0 2,582.7 8,452.6 7,810.7 159.0 2014 2,600.3 2,773.1 2,594.7 8,119.7 7,381.5 154.4 2015 3,245.5 3,377.0 3,234.1 7,672.1 7,371.4 191.5 2016 3,420.5 3,610.5 3,414.2 7,051.5 6,177.9 196.4

2017 Q1 3,598.4 3,614.2 3,643.2 1,828.9 1,598.5 203.2 Q2 3,611.0 3,590.9 3,610.4 1,802.2 1,637.3 205.8 Q3 3,602.6 3,603.1 3,594.3 2,052.7 1,843.6 207.1 Q4 3,633.8 3,635.1 3,630.2 1,920.1 1,739.0 208.4

2018 Q1 3,646.0 3,686.9 3,640.9 1,800.8 1,771.9 212.8 Q2 3,754.0 3,879.5 3,747.5 1,778.8 1,818.8 216.6 Q3 3,762.4 3,822.1 3,756.4 2,034.2 1,791.0 212.1 Q4 3,745.4 3,713.4 3,730.6 2,052.4 1,842.5 208.7

2019 Jan 3,702.4 3,672.1 3,697.6 757.7 600.0 208.0 Feb 3,672.9 3,694.8 3,666.9 641.4 553.0 206.8 Mar 3,706.2 3,715.1 3,688.4 659.9 631.3 208.8 Apr 3,737.0 3,747.2 3,728.6 694.0 648.5 210.1 May 3,765.6 3,758.9 3,757.9 732.8 698.2 210.6 Jun 3,729.0 3,694.8 3,725.0 674.2 625.4 208.7 Jul 3,696.5 3,700.8 3,693.3 737.5 663.7 206.9 Aug 3,693.7 3,689.5 3,689.0 724.5 636.2 204.6 Sep 3,675.5 3,684.2 3,674.7 725.7 646.7 203.1 Oct 3,695.8 3,711.2 3,694.1 714.5 691.8 204.5 Nov 3,697.4 3,699.4 3,693.3 692.0 624.6 205.2 Dec 3,676.5 3,665.2 3,682.2 713.4 611.7 204.7

2020 Jan 3,680.8 3,679.7 3,674.3 867.0 677.3 205.5 Feb 3,676.8 3,714.3 3,670.9 736.5 612.9 204.2 Mar 3,772.9 3,796.4 3,754.7 745.5 969.6 206.2 Apr 3,785.7 3,807.0 3,757.3 500.3 472.2 203.8 May 3,791.5 3,784.8 3,778.6 541.2 541.8 204.7 Jun 3,737.9 3,730.1 3,733.1 699.0 657.7 203.2 Jul 3,703.5 3,686.4 3,702.4 714.9 715.4 201.9 Aug 3,677.5 3,678.2 3,679.0 712.7 718.7 200.9 Sep 3,695.1 3,715.5 3,696.2 758.1 714.2 202.5 Oct 3,719.9 3,740.5 3,714.9 713.7 693.9 204.2 Nov 3,710.7 3,700.8 3,705.1 710.6 701.6 204.5 Dec 3,666.5 3,650.1 3,661.9 903.0 762.7 203.0

2021 Jan 3,691.6 3,687.3 3,685.7 713.0 662.8 205.1 Feb 3,667.3 3,665.5 3,656.1 750.8 695.6 203.9 Mar 3,662.9 3,663.9 3,658.2 901.7 854.4 202.5 Apr 3,623.3 3,578.1 3,595.4 834.5 741.3 200.4 May 3,552.8 3,545.7 3,550.2 880.9 769.4 197.9

Source: Economic Research Department, Bank of Uganda. 28

Table 4.12: Branch and ATM network for commercial banks. Jun-19 Dec-19 Jun-20 Dec-20 Name of Commercial Bank Branches ATMs Branches ATMs Branches ATMs Branches ATMs

ABC Capital Bank 1/ 3 0 3 0 3 0 3 0 ABSA Bank of Uganda Ltd 39 76 39 76 39 76 39 76 AFRILAND … … … … … … 1 0 Bank of Africa Uganda Ltd 34 33 34 33 33 33 34 33 Bank of Baroda (U) Ltd 16 20 16 20 16 20 16 20 Bank of India Ltd 2 0 2 0 2 0 2 0 Cairo International Bank Ltd 8 7 8 7 7 7 7 6 Centenary Bank 74 181 74 179 74 179 75 188 Citibank Uganda Ltd 1 0 1 0 1 0 1 0 Commercial Bank of Africa 2 2 2 2 … … … … DFCU Bank Ltd 63 100 63 100 62 100 59 100 Diamond Trust Bank Uganda Ltd 39 56 39 56 39 52 37 51 Ecobank Uganda Ltd 11 30 25 29 25 29 25 29 Equity Bank Uganda Ltd 35 38 39 42 39 42 43 48 Exim Bank (U) Ltd 5 4 6 6 7 8 7 9 Finance Trust Bank 35 11 35 12 35 12 35 12 Guaranty Trust Bank 8 7 8 7 8 7 8 7 Housing Finance Bank Ltd 19 30 19 30 19 30 19 30 KCB Uganda Ltd 15 17 15 17 15 17 13 15 NC Bank 3 3 3 3 5 2 5 2 Opportunity Bank … … 23 22 23 22 23 22 Orient Bank Ltd 23 25 23 25 23 25 17 21 Stanbic Bank Uganda Ltd 79 158 80 153 80 153 80 153 Standard Chartered Bank Uganda 9 31 9 34 9 36 5 32 Tropical Bank Ltd 15 20 15 21 14 21 12 21 United Bank for Africa (U) Ltd 11 14 11 14 15 13 15 23 Total 549 863 592 888 593 884 581 898 Source: Commercial Banking Department, Bank of Uganda.

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Table 4.13: Outstanding stock of loans by economic sector by MDIs (Shs, billion). Period 2018 2019 2020 Dec Mar Jun Sep Dec Mar Jun Sep Dec

Agriculture 70.0 70.6 75.7 81.4 85.1 84.5 83.0 92.6 94.1 Production 51.3 50.8 54.5 58.3 61.3 60.7 59.5 65.8 65.8 Farming (Crops, Livestock and Poultry) 50.3 49.5 52.9 56.6 59.3 58.9 57.8 63.3 63.9 Fishing 0.4 0.4 0.5 0.5 0.5 0.5 0.6 0.8 0.6 Forestry 0.2 0.2 0.2 0.2 0.3 0.2 0.2 0.3 0.3 Other 0.4 0.6 0.8 1.0 1.2 1.1 0.9 1.4 1.0 Processing & Marketing 0.4 0.6 0.7 0.9 0.9 0.9 1.1 2.0 2.3 O/w Marketing 18.3 19.3 20.5 22.3 22.9 22.9 22.4 24.7 26.0 Mining and Quarrying 0.2 0.3 0.4 0.4 0.3 0.3 0.3 0.4 0.3 Crude Petroleum & Natural Gas 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 Other Mining & Quarrying 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.3 Manufacturing 3.7 3.8 4.1 4.5 4.8 4.8 4.8 5.3 6.1 Food, Beverages and Tobacco 1.4 1.4 1.5 1.5 1.6 1.6 1.4 1.6 2.8 Textiles, Apparel and Leather 0.6 0.6 0.6 0.7 0.7 0.7 0.8 0.8 0.6 Wood, Wood Products & Furniture 0.4 0.4 0.5 0.5 0.4 0.5 0.6 0.6 0.5 Paper, Paper Products, Printing & Publishing 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 Chemicals, Pharmaceuticals, Plastic and Rubber Products 0.1 0.1 0.1 0.3 0.4 0.3 0.4 0.2 0.1 Basic and Fabricated Non-Metal and Metal Products 0.5 0.5 0.7 0.7 0.7 0.7 0.7 0.9 0.7 Building & Construction Materials. 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.5 0.6 Other Manufacturing Industries 0.4 0.4 0.4 0.4 0.6 0.7 0.7 0.8 0.7 Trade 181.2 178.3 181.8 186.7 200.0 198.7 217.3 232.1 220.0 Wholesale Trade 25.4 27.6 28.8 29.6 33.3 35.7 53.3 64.5 46.0 Retail 136.4 132.6 135.2 138.7 147.8 144.5 145.6 148.0 154.9 Restaurants and Hotels 6.1 6.4 6.7 7.1 7.9 7.4 6.9 7.1 6.4 Exports 0.3 0.3 0.3 0.4 0.4 0.5 0.5 0.6 0.9 Imports 4.6 3.4 2.6 2.2 2.0 1.8 1.9 1.8 1.8 Re-Exports 8.5 8.1 8.2 8.8 8.6 8.8 9.1 10.1 9.9 Transport and Communication 14.9 16.1 17.5 20.1 22.6 23.4 18.8 19.8 22.0 Land (Road & Rail) Transport 13.6 14.9 16.3 18.8 21.4 22.2 17.6 18.6 20.8 Water Transport 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.0 Air Transport 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 Travel Agencies 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 Postal & Courier Services 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Telecommunications 1.1 1.1 1.1 1.2 1.1 1.1 1.0 1.1 1.0 Electricity and Water 0.2 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.4 Electricity, Lighting & Power 0.2 0.2 0.2 0.3 0.4 0.4 0.4 0.3 0.4 Water, Water Works & Supply 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Building, Mortgage, Construction and Real Estate 20.5 21.8 22.9 24.0 25.8 26.4 22.8 25.1 21.1 Mortgage 4.2 5.2 5.5 5.9 6.8 7.1 6.9 7.7 8.3 Residential Mortgages 1.8 1.1 1.0 1.0 1.3 1.3 1.1 1.1 1.0 Commercial Mortgages 2.4 4.1 4.5 4.9 5.4 5.8 5.8 6.6 7.3 Land Purchase 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Road Construction and Maintenance 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 General Construction Contractors 2.7 3.0 2.7 2.4 2.1 2.3 1.8 2.1 1.1 Specialised Contractors 1.3 1.4 1.4 1.5 1.5 1.5 1.4 1.5 1.4 Property Developers, Estate Agents and Letting Agents 12.2 12.1 13.1 14.0 15.2 15.3 12.6 13.6 10.1 Business Services 9.8 10.4 11.2 11.9 12.9 13.5 12.2 13.2 13.4 Working Capital 9.4 10.1 10.7 11.5 12.3 12.8 11.6 12.6 12.5 Other 0.4 0.4 0.5 0.4 0.6 0.6 0.6 0.6 0.8 Community, Social & Other Services 9.8 9.9 11.0 12.0 14.9 16.0 14.2 14.2 18.4 Education Services 4.9 5.1 5.9 6.3 7.8 8.2 6.8 6.3 5.9 Health Services 1.7 1.7 1.8 2.2 2.8 2.9 2.5 2.8 2.4 Membership Organisations, Community Development 1.0 0.7 0.8 0.8 0.8 1.0 0.9 0.9 5.7 Recreational, Cultural and Sporting Services 1.9 1.9 2.1 2.2 2.8 3.3 3.3 3.5 3.6 International Organisations 0.4 0.4 0.4 0.4 0.7 0.7 0.6 0.7 0.8 Personal Loans and Household Loans 1.9 4.4 4.0 4.0 4.3 4.3 2.7 3.1 14.1 Purchase of Durable Goods 0.1 0.8 0.7 0.6 0.6 0.6 0.2 0.4 0.4 o/w Auto (car) loans 0.1 0.6 0.6 0.5 0.4 0.4 0.0 0.0 0.0 Non durable goods and services 1.8 3.6 3.3 3.4 3.7 3.7 2.5 2.7 13.7 Other Services 0.1 0.1 0.2 0.3 0.2 0.1 0.1 0.0 0.0 TOTAL 312.3 316.1 328.9 345.6 371.4 372.5 376.8 406.3 409.8

Source: Statistics Department, Bank of Uganda. 30

Table 4.14: Deposit liabilities of MDIs (stocks) (Shs, billion). Period 2017 2018 2019 2020 Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec 1. Savings deposits 96.5 95.9 102.7 102.2 108.1 103.2 106.0 111.9 121.5 112.7 114.8 124.2 127.1 Private Enterprises 29.6 30.1 30.6 29.4 30.5 28.7 28.5 30.9 31.2 30.8 31.2 31.6 34.0 Other Residents 66.9 65.8 72.1 72.8 77.7 74.5 77.5 81.0 90.3 81.9 83.6 92.5 93.2 2. Time deposits 118.2 108.2 113.3 120.2 126.7 131.0 140.3 144.4 163.0 189.0 210.4 233.7 228.8 Non-Financial Public Enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial Banks 0.0 0.0 0.0 0.0 0.0 0.0 5.1 4.1 6.1 6.2 6.2 6.2 9.2 Credit Institutions 3.0 3.0 3.0 3.0 1.5 1.7 1.7 2.5 6.0 7.7 7.5 12.2 13.7 Micro-Deposit Taking Institutions 12.0 8.6 7.8 7.8 10.3 10.9 10.3 10.7 14.6 12.9 25.6 22.6 16.6 Other Financial Institutions 3.3 2.0 5.0 6.1 5.3 6.3 13.3 9.8 9.0 7.3 3.7 4.0 3.0 Private Enterprises 23.1 19.6 22.5 29.1 32.4 35.7 31.3 32.1 33.1 48.1 49.7 45.3 56.4 Other Residents 76.7 75.1 75.0 74.3 77.1 76.4 78.6 85.2 94.3 106.8 117.8 143.4 129.9 3. Loan insurance funds 7.9 7.6 7.6 7.7 7.9 7.9 7.8 7.9 7.8 7.7 7.3 7.5 7.0 TOTAL 222.6 211.7 223.6 230.1 242.8 242.1 254.2 264.3 292.4 309.4 332.5 365.4 363.0 Source: Statistics Department, Bank of Uganda.

Note: 1. Loan insurance funds are compulsory savings used as partial collateral for loans.

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Table 4.15: Outstanding stock of loans by economic sector from credit institutions (Shs, billion). Period 2019 2020 Dec Mar Jun Sep Dec Mar Jun Sep Dec

Agriculture 77.7 113.5 111.0 112.9 92.9 102.5 112.8 125.1 143.9 Production 58.5 92.6 90.7 92.7 74.5 79.7 88.8 100.1 97.1 Farming (Crops, Livestock and Poultry) 51.4 83.2 81.2 82.5 65.8 71.8 78.5 88.8 90.1 Fishing 0.0 1.5 0.7 0.3 0.2 0.2 0.2 0.2 0.4 Forestry 0.2 0.5 0.6 0.8 0.6 0.6 0.7 0.7 0.8 Other 6.9 7.4 8.1 9.1 8.0 7.1 9.4 10.4 5.8 Processing & Marketing 19.2 10.2 10.8 10.9 9.2 11.2 11.8 11.9 13.0 O/w Marketing 11.6 10.7 9.5 9.3 9.1 11.6 12.1 13.2 33.8 Mining and Quarrying 3.3 3.2 3.1 2.9 2.6 2.3 6.5 6.9 8.7 Crude Petroleum & Natural Gas 0.0 0.3 0.3 0.2 0.1 0.1 0.1 0.1 0.1 Other Mining & Quarrying 3.3 3.0 2.8 2.7 2.5 2.3 6.5 6.9 8.7 Manufacturing 0.8 10.8 5.9 3.6 2.6 2.4 2.6 4.8 8.2 Food, Beverages and Tobacco 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Textiles, Apparel and Leather 0.2 2.3 1.1 0.6 0.4 0.4 0.4 1.3 1.6 Wood, Wood Products & Furniture 0.2 2.3 1.2 0.7 0.5 0.5 0.5 0.6 0.8 Paper, Paper Products, Printing & Publishing 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 Chemicals, Pharmaceuticals, Plastic and Rubber Products 0.0 3.5 1.8 0.7 0.4 0.6 0.6 0.6 0.5 Basic and Fabricated Non-Metal and Metal Products 0.1 0.1 0.1 0.3 0.2 0.3 0.3 0.9 1.0 Building & Construction Materials. 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.9 Other Manufacturing Industries 0.3 2.4 1.4 1.2 1.0 0.6 0.6 1.3 3.4 Trade 116.4 207.6 204.1 221.9 219.1 218.3 226.4 228.7 216.9 Wholesale Trade 17.2 26.1 20.9 23.0 18.1 19.0 19.2 20.3 19.6 Retail 98.4 174.0 173.8 187.8 188.4 188.4 196.0 193.6 182.1 Restaurants and Hotels 0.4 7.0 8.6 10.2 10.7 9.8 10.2 13.9 14.4 Exports 0.1 0.1 0.2 0.3 0.2 0.2 0.2 0.2 0.2 Imports 0.4 0.3 0.5 0.6 1.7 0.9 0.8 0.8 0.7 Re-Exports 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Transport and Communication 18.7 21.6 24.0 29.3 29.2 30.9 34.0 37.9 37.4 Land (Road & Rail) Transport 17.4 20.5 23.0 28.0 28.4 30.2 33.3 37.2 36.7 Water Transport 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Air Transport 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Travel Agencies 0.3 0.4 0.4 0.5 0.1 0.1 0.1 0.0 0.0 Postal & Courier Services 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Telecommunications 0.8 0.6 0.6 0.8 0.7 0.7 0.7 0.7 0.7 Electricity and Water 1.7 2.4 2.9 3.2 2.8 2.9 3.9 4.7 4.5 Electricity, Lighting & Power 1.5 1.9 2.2 2.5 2.5 2.8 3.7 4.5 4.4 Water, Water Works & Supply 0.3 0.5 0.7 0.7 0.3 0.1 0.1 0.1 0.1 Building, Mortgage, Construction and Real Estate 53.8 57.8 59.3 64.1 43.7 42.0 42.9 43.7 46.1 Mortgage 31.5 32.8 32.8 33.7 20.0 18.9 20.1 19.7 21.8 Residential Mortgages 25.6 25.8 25.6 25.9 13.1 13.3 14.3 15.4 17.8 Commercial Mortgages 5.8 6.9 7.2 7.8 6.9 5.6 5.8 4.2 4.0 Land Purchase 1.7 1.8 1.8 1.9 0.6 0.5 0.5 0.4 0.3 Road Construction and Maintenance 0.2 0.2 0.2 0.2 0.0 0.0 0.0 0.0 0.0 General Construction Contractors 7.1 9.4 9.8 11.5 9.7 10.4 10.8 12.0 12.5 Specialised Contractors 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Property Developers, Estate Agents and Letting Agents 13.3 13.6 14.7 16.8 13.2 12.2 11.5 11.6 11.4 Business Services 5.2 20.5 15.7 14.6 12.1 11.0 12.2 8.4 9.8 Working Capital 4.9 20.1 15.3 14.4 12.1 11.0 12.2 5.3 6.2 Other 0.3 0.4 0.4 0.2 0.0 0.0 0.0 3.1 3.6 Community, Social & Other Services 31.2 35.4 38.5 39.8 6.0 5.2 5.8 8.2 8.4 Education Services 24.9 26.4 27.7 26.4 3.5 2.9 3.4 4.5 4.4 Health Services 1.4 2.1 2.3 2.3 1.9 1.9 2.0 3.3 3.8 Membership Organisations, Community Development 2.9 4.9 6.2 8.7 0.2 0.2 0.2 0.1 0.1 Recreational, Cultural and Sporting Services 2.0 1.7 1.8 1.9 0.1 0.0 0.1 0.1 0.1 International Organisations 0.0 0.3 0.4 0.4 0.3 0.2 0.2 0.1 0.1 Personal Loans and Household Loans 98.9 103.8 104.6 108.0 109.7 109.1 105.8 112.0 123.1 Purchase of Durable Goods 92.1 96.1 95.8 100.9 101.6 101.2 97.5 103.0 114.7 o/w Auto (car) loans 0.3 0.3 0.4 0.5 0.4 0.4 0.7 0.7 0.6 Non durable goods and services 6.7 7.7 8.8 7.1 8.1 7.9 8.3 9.0 8.4 Other Services 0.0 26.5 43.0 22.0 8.6 5.9 3.0 2.4 2.1 TOTAL 407.8 603.0 612.1 622.4 529.2 532.6 555.9 582.8 609.2

Source: Statistics Department, Bank of Uganda.

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Table 4.16: Deposit liabilities of the credit institutions (stocks) (Shs, billion). Period 2018 2019 2020 Dec Mar Jun Sep Dec Mar Jun Sep Dec TOTAL DEPOSITS 432.1 482.7 503.8 515.4 472.6 525.1 586.6 588.8 625.2 SHILLING DEPOSITS 393.3 447.6 472.4 480.4 436.1 492.4 550.3 559.1 589.6 1. Savings deposits 276.9 281.6 309.5 316.5 307.1 312.1 366.1 354.5 378.1 Local Government 1.5 3.0 1.4 2.0 1.8 1.4 0.5 1.0 1.0 Commercial Banks 1.5 0.4 1.9 0.8 2.1 2.1 2.3 0.3 0.7 Micro-Finance Deposit Taking Institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Financial Institutions 0.2 0.2 0.6 0.1 1.1 0.4 0.0 0.1 0.3 Private Enterprises 1.8 2.6 1.9 0.6 0.0 3.3 15.7 15.8 9.5 Other Residents 35.4 40.8 55.9 40.7 55.6 51.3 73.3 64.1 76.9 2. Time deposits 236.5 234.6 247.9 272.4 246.6 253.8 274.2 273.2 289.7

Local Government 109.9 126.2 122.2 123.6 93.3 144.7 148.4 169.4 177.0 Non-Financial Public Enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial Banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Credit Institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Micro-Finance Deposit Taking Institutions 8.3 10.2 10.6 10.6 2.2 3.1 3.2 3.0 2.1 Other Financial Institutions 36.1 40.0 30.2 37.8 20.5 30.7 29.5 40.0 42.6 Private Enterprises 5.2 4.2 5.7 6.4 0.0 0.0 0.0 0.1 0.1 Other Residents 16.6 17.2 16.0 17.5 12.9 17.4 24.6 30.8 35.2 3. Loan insurance funds. 43.8 54.6 59.8 51.4 57.7 93.4 91.1 95.5 96.9 FOREIGN CURRENCY DEPOSITS 6.5 39.8 40.7 40.3 35.6 35.5 35.8 35.2 34.5 1. Savings deposits 38.8 35.1 31.4 35.0 36.5 32.8 36.3 29.7 35.6 Local Government 28.0 23.1 23.7 27.2 21.2 23.5 23.8 16.1 22.0 Commercial Banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Micro-Finance Deposit Taking Institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Financial Institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private Enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Residents 22.1 15.8 15.9 20.5 13.7 17.0 14.3 7.2 11.4 2. Time deposits 5.8 7.3 7.8 6.7 7.6 6.5 9.5 8.9 10.6 Local Government 10.8 12.0 7.7 7.8 15.3 9.3 12.5 13.6 13.6 Commercial Banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Micro-Finance Deposit Taking Institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Financial Institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private Enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Residents 10.3 11.4 7.1 7.3 14.3 8.2 11.8 12.2 12.7 Source: Statistics Department, Bank of Uganda.

Note: 1. Loan insurance funds are compulsory savings used as partial collateral for loans. 33

Table 4.17: Branch and ATM network for credit institutions and micro-deposit taking institutions Dec-18 Jun-19 Dec-19 Jun-20 Dec-20

Name of institution Branches ATMs Branches ATMs Branches ATMs Branches ATMs Branches ATMs Credit Institutions 66 77 98 78 75 56 79 59 81 60 Post Bank (U) Ltd 41 56 41 56 41 56 42 59 44 60 Mercantile Credit Bank Ltd 1 0 1 0 2 0 2 0 2 0 BRAC Uganda … … 32 0 32 0 32 0 32 0 Opportunity Uganda Ltd 22 21 23 22 … … … … … … Top Finance 2 0 2 0 2 0 2 0 2 0 Yako Microfinance Ltd … … … … … … 3 0 3 0 Micro Deposit-Taking Institutions 80 20 80 20 80 20 79 20 82 20 EFC 2 0 2 0 2 0 2 0 2 0 Pride Microfinance Limited 34 20 34 20 34 20 34 20 34 20 Finca (U) Ltd 27 0 27 0 27 0 27 0 27 0 Ugafode Microfinance Ltd 15 0 15 0 15 0 16 0 19 0 Yako Microfinance Ltd 2 0 2 0 2 0 … … … … Total 146 97 178 98 155 76 158 79 163 80

Source: Non-Bank Financial Institutions Department, Bank of Uganda.

Note that

1) Opportunity Bank became a commercial bank in October 2019.

2) BRAC became a credit institution in March 2019.

3) Yako Microfinance became a credit institution in May 2020.

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Table 5.1: Issuance of financial cards. Number of Number of cards cards issued Month issued (cumulative)

Jan 18 9,623 1,504,122 Feb 18 9,630 1,513,752 Mar 18 10,941 1,524,693 Apr 18 10,055 1,534,748 May 18 11,678 1,546,426 Jun 18 10,466 1,556,892 Jul 18 10,896 1,567,788 Aug 18 11,973 1,579,761 Sep 18 13,238 1,592,999 Oct 18 14,155 1,607,154 Nov 18 13,832 1,620,986 Dec 18 9,424 1,630,410 Jan 19 11,693 1,642,103 Feb 19 11,359 1,653,462 Mar 19 11,697 1,665,159 Apr 19 12,112 1,677,271 May 19 12,969 1,690,240 Jun 19 10,453 1,700,693 Jul 19 13,387 1,714,080 Aug 19 12,093 1,726,173 Sep 19 13,554 1,739,727 Oct 19 12,951 1,752,678 Nov 19 12,897 1,765,575 Dec 19 11,109 1,776,684 Jan 20 21,155 1,797,839 Feb 20 25,401 1,823,240 Mar 20 27,758 1,850,998 Apr 20 1,174 1,852,172 May 20 2,176 1,854,348 Jun 20 5,245 1,859,593 Jul 20 7,957 1,867,550 Aug 20 16,908 1,884,458 Sep 20 17,796 1,902,254 Oct 20 13,380 1,915,634 Nov 20 18,773 1,934,407 Dec 20 25,485 1,959,892 Source: Non-Banking Financial Institutions Department, Bank of Uganda.

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Table 5.2: Availability of Credit Reference Bureau (CRB) and Financial Card Services (FCS). Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 No. of No. of No. of No. of No. of Name of Participating Institution (PI) Outlets Outlets Outlets Outlets Outlets Commercial Banks 386 388 392 384 386 ABC Capital Bank Uganda Ltd 2 2 2 2 2 ABSA Bank of Uganda Ltd 29 29 29 29 29 Afriland First Bank Uganda Ltd 0 0 0 0 0 Bank of Africa 23 23 23 23 23 Bank of Baroda 16 16 16 16 16 Bank of India 1 1 1 1 1 Cairo International Bank 1 1 1 1 1 Centenary Bank 71 72 72 72 73 Citibank Uganda Ltd. 1 1 1 1 1 DFCU Bank Limited 38 38 38 38 38 Diamond Trust Bank Uganda Ltd 1 1 1 1 1 Ecobank Uganda Ltd 1 1 1 1 1 Equity Bank Uganda Ltd 33 35 39 39 43 Exim Bank Ltd (Former Imperial Bank) 1 1 1 1 1 Finance Trust Bank Ltd 36 35 35 35 35 Guaranty Trust Bank (Fina Bank) Ltd 1 1 1 1 1 Housing Finance Bank Ltd. 19 19 19 12 12 KCB Uganda Ltd. 1 1 1 1 1 NCBA Bank Limited 3 3 3 3 2 Opportunity Uganda Ltd. 19 19 19 19 19 Orient Bank Ltd. 2 1 1 1 1 Stanbic Bank Uganda Ltd. 67 67 67 67 67 Standard Chartered Bank (U) Ltd 5 5 5 5 5 Tropical Bank Ltd. 14 15 15 14 12 United Bank For Africa 1 1 1 1 1 Credit Institutions 45 46 46 79 79 Mercantile Credit Bank Ltd 1 1 1 1 1 Post Bank (U) Ltd 42 43 43 44 44 Top Finance Bank 1 1 1 1 1 BRAC Bank (U) Limited 1 1 1 32 32 Yako Microfinance Limited 1 1 1 1 1 Micro Deposit-taking Institutions 74 74 63 63 63 EFC Microfinance Ltd 2 2 2 2 2 Finca (U) Ltd 25 25 25 25 25 Pride Microfinance Limited 34 34 23 23 23 Ugafode Microfinance Limited 13 13 13 13 13 Grand Total 505 508 501 526 528 Source: Non-Banking Financial Institutions Department, Bank of Uganda. Note: The number of outlets offering CRB services may not necessarily correspond with the branch network because mobile units and agencies attached to some branches provide CRB services as well.

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Table 5.3: Consolidated statement of financial position of SACCOs. (Ushs. billions)

2016 2017 2018 2019 2020 As at end of Dec Dec Dec Mar Jun Sep Dec Mar Jun Sep Dec Cash in hand 10.7 12.2 15.1 14.5 16.6 18.0 18.1 16.3 21.0 19.5 17.8 Deposits 73.1 111.2 162.1 153.3 115.4 100.9 142.9 175.6 250.1 262.8 191.2 with Commercial Banks 67.0 94.5 87.9 71.7 69.9 91.1 106.2 141.8 187.9 235.0 167.1 with MDIs 2.0 0.6 0.8 0.0 0.3 1.7 2.7 2.0 4.3 5.4 2.2 with Credit Institutions 3.4 15.1 72.0 80.3 36.9 5.4 31.8 29.9 55.6 18.6 16.6 with SACCOs 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.4 Others Deposits (with unions) 0.7 1.0 1.5 1.2 8.4 2.7 2.2 2.0 2.3 3.8 3.8 Investments 9.1 6.7 8.6 10.2 10.4 10.0 24.2 24.0 52.7 59.2 59.4 Treasury Bills 3.5 0.3 0.3 1.2 1.3 1.3 15.2 14.7 39.2 2.2 0.8 Treasury Bonds 1.6 2.1 4.0 4.2 4.2 3.9 4.7 3.9 6.5 50.1 50.4 Shares in unions 0.6 0.5 0.5 0.5 0.6 0.6 0.6 0.6 1.3 0.6 0.6 Shares in Companies 0.0 1.2 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.6 Shares in SACCOs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Mobile Money 1.4 1.7 1.3 1.6 3.4 2.8 1.8 2.1 2.9 2.7 3.5 Other investments (mobile banking) 1.9 1.0 2.0 2.3 0.4 1.0 1.6 2.3 2.4 3.1 3.5 Gross Loans 561.4 649.6 809.6 866.1 923.5 977.2 993.7 1,023.7 989.5 1,048.6 1,117.1 Loan loss Reserves 8.3 8.9 12.3 14.7 15.1 17.4 19.9 23.7 48.4 43.9 36.0 Net Outstanding Loans 553.1 640.7 797.3 851.4 908.4 959.9 973.8 1,000.0 941.0 1,004.7 1,081.1 Fixed Assets 51.3 54.3 61.2 61.4 62.9 64.7 68.9 70.8 72.4 77.9 80.1 Depreciation 10.2 12.8 14.3 12.9 13.9 14.2 16.3 16.9 17.3 18.2 19.4 Net Assets 41.1 41.5 46.9 48.5 48.9 50.5 52.6 53.9 55.1 59.7 60.7 Other Assets 12.7 12.7 14.1 14.6 20.1 17.0 21.9 25.3 28.5 32.9 36.9 TOTAL ASSETS 699.9 825.1 1,044.1 1,092.5 1,119.8 1,156.3 1,233.5 1,295.1 1,348.5 1,438.7 1,447.1 LIABILITIES Total Deposits 262.4 302.4 409.8 426.3 435.8 440.4 483.4 519.0 596.8 654.0 609.2 Deposits by SACCOs 0.0 5.8 5.8 1.6 0.1 0.0 0.0 0.0 1.9 3.6 0.2 Compulsory deposits 44.0 67.5 79.4 87.7 105.0 114.0 133.5 145.0 174.8 191.0 205.8 Voluntary deposits 218.3 229.1 324.6 337.1 330.8 326.3 349.9 374.0 420.1 459.3 403.2 Time/Fixed deposits 27.7 36.0 49.6 53.2 56.2 67.5 72.0 70.5 73.9 81.5 72.3 Sight Deposits 173.8 176.1 254.5 263.9 251.5 237.9 261.7 256.1 275.4 294.2 325.1 Other deposits 16.8 18.6 21.9 21.3 23.1 21.0 16.2 47.4 70.7 83.6 5.7 Total Borrowings 31.2 40.8 36.9 33.5 29.9 29.3 39.5 37.5 34.8 32.9 40.0 From Commercial Banks 0.0 0.1 0.1 0.0 0.4 0.0 0.2 0.3 0.4 0.0 0.6 From Credit Institutions 0.0 0.0 0.0 0.0 0.0 0.0 1.4 1.4 1.4 1.4 0.0 From SACCOs 0.0 0.3 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.1 From Other Financial Institutions 3.5 16.9 12.2 3.9 7.9 12.3 15.1 14.6 13.9 12.3 17.4 From Government eg MSC 15.5 12.7 8.3 12.8 10.6 5.6 8.7 8.4 7.5 6.8 6.6 From Devt Organisation 7.2 5.5 5.0 4.7 4.8 5.1 9.0 8.4 7.8 8.9 12.8 From Non residents 2.8 2.9 5.3 5.9 5.8 5.9 4.5 4.1 3.5 3.1 2.1 Other borrowings 2.1 2.5 5.9 6.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 Administered funds 1.1 2.2 1.4 1.8 2.1 2.7 3.3 4.2 3.9 3.3 3.2 Grants 4.9 5.4 5.7 5.8 5.6 5.2 5.3 5.9 5.9 5.7 12.5 From Government 0.3 0.1 0.5 0.3 0.4 0.3 0.6 0.7 0.6 0.5 0.7 From UCSCU 0.1 0.3 0.4 0.4 0.2 0.3 0.3 0.3 0.3 0.3 0.3 From Devt Organisation 4.1 4.1 3.6 3.2 3.3 3.4 3.2 3.5 3.6 3.2 3.0 From Non residents 0.0 0.0 0.4 0.8 0.8 0.8 0.8 0.6 0.6 1.0 0.5 Other Grants 0.3 1.0 0.8 1.0 0.9 0.4 0.4 0.8 0.8 0.7 8.0 Other Liabilities 35.9 39.5 30.7 34.0 34.9 36.5 34.9 33.7 33.5 57.1 65.6 Total Liabilities 335.4 390.3 484.5 501.3 508.4 514.1 566.4 600.4 674.9 753.0 730.5 Capital 364.5 434.8 559.6 591.2 611.4 642.1 667.1 694.8 673.6 685.8 716.6 Members share capital 230.4 275.9 342.8 363.8 468.1 471.4 482.0 492.8 496.8 506.9 515.7 Reserves 36.7 47.6 62.9 72.9 69.1 75.9 80.4 76.7 97.0 114.0 98.5 Retained Surplus/Deficit 97.4 111.4 153.9 154.5 74.3 94.8 104.8 125.3 79.8 64.9 102.5 TOTAL LIABILITIES 699.9 825.1 1,044.1 1,092.5 1,119.8 1,156.3 1,233.5 1,295.1 1,348.5 1,438.7 1,447.1

Source: Statistics Department, Bank of Uganda 37

Table 5.4: Consolidated statement of financial position of MFIs. (Ushs. billions) 2016 2017 2018 2019 2020 As at end of Dec Dec Dec Mar Jun Sep Dec Mar Jun Sep Dec Cash in hand 6.1 6.8 3.4 7.5 6.7 7.5 7.6 5.2 6.5 2.7 4.3 Deposits with ODCs 47.9 64.8 67.4 26.9 30.8 30.4 25.5 27.7 24.8 27.7 30.5 Shilling demand deposits 17.0 19.3 24.2 10.1 12.1 10.9 9.3 15.5 13.8 15.8 21.1 Shilling savings & fixed deposits 19.1 40.0 39.1 15.9 18.2 18.4 12.8 10.3 8.9 8.8 7.8 Foreign currency demand deposits 0.8 3.0 0.3 0.9 0.4 0.7 2.9 1.5 1.8 1.3 0.4 Foreign currency savings & fixed deposits 10.8 2.4 3.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other deposits if any (specify…) 0.2 0.0 0.1 0.0 0.2 0.2 0.5 0.4 0.3 1.7 1.2 Investments 0.2 0.4 1.4 1.6 1.7 0.3 1.7 1.7 1.5 0.8 0.3 Treasury bills & bonds 0.1 0.4 1.2 1.3 1.4 0.0 1.4 1.5 1.3 0.5 0.0 Equity shares in Ugandan commercial banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Equity shares in Ugandan private companies 0.0 0.0 0.0 0.3 0.3 0.3 0.3 0.2 0.2 0.2 0.2 Equity shares in companies outside Uganda 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Securities, private enterprises in Uganda 0.0 0.0 0.2 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.0 Other Securities, private enterprises outside Uganda 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Gross Loans 397.5 412.6 443.5 358.9 369.2 388.9 396.6 407.3 393.2 400.2 407.7 Loans to private companies 13.5 16.4 14.7 15.9 14.8 14.5 15.2 14.9 14.2 13.4 12.7 Loans to individuals 384.0 396.2 428.8 343.0 354.5 374.4 381.4 392.5 379.0 386.8 395.0 Loan Loss Reserves 21.5 25.9 29.8 22.5 22.6 24.2 23.7 25.0 32.1 31.0 27.4 Fixed assets 30.9 39.8 53.4 45.0 47.5 50.6 53.5 54.7 56.9 57.6 59.4 Depreciation 11.9 13.8 17.8 17.1 19.0 21.0 22.9 24.2 28.0 30.0 30.5 Other Assets 21.7 26.9 32.7 19.5 21.3 17.8 18.4 29.6 38.9 28.5 25.7 Interest receivable on loans 3.7 4.3 5.1 1.1 1.2 1.1 0.5 2.7 6.6 6.8 3.1 Interest receivable on Investments 0.1 0.3 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 Interest receivable on Deposits 0.4 0.2 0.9 0.5 0.9 0.5 1.9 2.4 2.3 1.6 2.5 Other 17.5 22.1 26.6 17.8 19.1 16.0 15.9 24.4 29.9 20.0 20.0 Total Assets 470.9 511.5 554.2 419.7 435.7 450.2 456.8 476.9 461.7 456.4 470.0 LIABILITIES Deposits 43.8 42.3 48.2 17.0 18.0 19.1 19.9 20.1 17.7 17.4 20.8 Compulsory/Loan funds 43.8 42.3 48.2 16.9 17.4 18.5 19.2 19.5 17.2 16.5 17.2 Other deposits (Specify)…………………………. 0.0 0.0 0.0 0.1 0.6 0.6 0.6 0.6 0.5 1.0 3.5 Borrowings 220.3 208.2 245.4 218.4 220.8 229.9 242.6 242.8 245.2 248.1 282.4 Loans from Commercial banks, MDIs & Credit Institutions 60.3 50.3 57.7 68.1 67.1 64.1 65.8 59.6 59.8 61.3 69.9 Loans from Other Financial Institutions in Uganda 35.2 52.1 45.4 34.0 55.1 57.2 58.0 58.5 60.3 60.7 69.3 Loans from Government 0.0 0.2 0.2 0.4 0.2 0.1 0.1 0.1 0.1 0.0 0.0 Loans from outside Uganda (Short-term) 13.9 13.1 17.9 19.7 27.7 22.3 38.4 38.8 39.3 36.9 30.5 Loans from outside Uganda (Long-term) 104.0 86.8 113.0 80.0 52.4 64.5 52.3 58.4 57.7 57.6 62.1 Other Borrowings (Specify) … 6.8 5.6 11.3 16.2 18.3 21.7 28.0 27.4 28.1 31.6 50.6 Grants 13.3 12.0 7.5 14.3 14.6 15.0 14.7 12.7 13.2 13.2 12.8 Grants from Uganda 4.5 2.2 1.3 1.3 1.8 2.1 2.2 2.6 2.5 2.3 1.1 Grants from outside Uganda 8.8 9.8 6.1 13.0 12.8 12.8 12.4 10.1 10.7 10.9 11.7 Other Liabilities 22.1 23.3 88.4 28.7 34.5 33.9 26.6 50.5 39.9 41.0 26.7 Interest payable on loans from Uganda 0.2 0.4 0.4 4.6 5.8 5.5 5.9 6.7 6.9 7.6 6.9 Interest payable on loans from outside Uganda 1.5 1.9 1.9 2.0 2.0 2.5 2.1 3.6 3.7 2.9 2.0 Other 20.5 20.9 86.1 22.1 26.7 25.8 18.6 40.2 29.3 30.6 17.8 Capital and Reserves 171.4 225.7 164.7 141.3 147.7 152.4 153.1 150.8 145.7 136.7 127.3 Share capital 55.9 84.4 99.9 58.6 58.7 60.1 63.0 65.6 61.7 62.0 62.8 Share Premium 2.8 2.5 2.3 2.3 2.3 2.3 1.8 1.8 1.8 1.8 1.8 Retained earnings/Deficit 61.1 100.4 30.0 62.0 60.9 63.0 64.0 64.3 66.8 57.5 41.8 Current year profit/loss 38.6 28.4 22.1 8.3 12.9 14.1 10.4 4.2 0.0 - 0.9 2.3 Other reserves 13.0 10.0 10.5 10.1 12.8 12.9 13.8 14.8 15.2 16.3 18.6 TOTAL LIABILITIES 470.9 511.5 554.2 419.7 435.7 450.2 456.8 476.9 461.7 456.4 470.0 Source: Statistics Department, Bank of Uganda

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Table 5.5a) Outstanding stock of loans by economic sector from SACCOs. (Shs, billion). 2016 2017 2018 2019 2020 PRIVATE SECTOR CREDIT Dec Dec Dec Mar Jun Sep Dec Mar Jun Sep Dec Agriculture 134.3 130.1 156.8 160.4 164.7 169.6 174.1 177.1 167.8 178.6 184.3 Mining and Quarrying 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Manufacturing 0.0 0.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Trade 112.7 135.1 173.2 184.6 180.6 121.1 131.3 132.1 124.4 128.0 145.8 Transport and communication 7.6 12.1 15.1 15.1 16.0 16.9 18.0 18.5 16.0 16.6 19.5 Electricity and water 0.2 0.2 0.1 0.3 0.2 0.2 0.3 0.6 0.5 0.5 0.5 Building, construction & real Estate 248.8 295.0 363.2 391.5 434.9 459.3 469.1 491.7 480.7 506.2 533.1 Business services 1.4 8.6 22.3 23.4 24.8 99.5 103.0 108.4 108.7 119.1 124.5 Community, social&other services 7.3 4.2 5.7 6.5 4.4 2.4 2.7 2.9 3.0 4.2 5.0 Personal & household 44.3 55.9 62.5 73.6 95.3 105.5 92.3 90.0 86.9 93.8 101.8 Other sectors 4.8 7.5 10.6 10.8 2.6 2.6 2.9 2.4 1.4 1.4 2.6 TOTAL OUTSTANDING LOANS 561.4 649.6 809.6 866.1 923.5 977.2 993.7 1,023.7 989.5 1,048.6 1,117.1

Table 5.5b) Outstanding stock of loans by economic sector from Microfinance Institutions (Shs, billion). 2016 2017 2018 2019 2020 PRIVATE SECTOR CREDIT Dec Dec Dec Mar Jun Sep Dec Mar Jun Sep Dec Agriculture 69.9 74.2 82.7 45.3 46.6 44.5 42.2 43.4 42.3 44.2 45.4 Mining and Quarrying 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Manufacturing 23.0 23.5 27.6 1.2 1.1 0.9 1.1 1.3 1.3 1.2 1.0 Trade 158.8 158.5 173.4 88.7 85.9 92.1 90.1 83.5 77.9 78.3 77.8 Transport and Communication 1.5 0.7 0.6 0.8 1.2 1.3 1.3 1.7 2.1 1.6 2.0 Electricity and Water 0.3 0.4 0.3 0.4 0.6 0.9 0.9 0.9 0.9 0.8 1.0 Building, Construction & Real Estate 16.3 18.6 17.9 24.6 26.4 29.7 31.5 33.8 36.6 37.1 40.2 Business Services 39.4 33.0 22.8 17.4 17.5 21.5 22.1 25.1 24.2 26.4 28.1 Community, Social and Other Services (e.g. Education, 5.6 health,8.0 etc) 8.8 21.8 23.9 24.1 23.4 19.2 20.3 22.5 22.6 Personal & household 82.0 95.5 109.3 157.8 164.4 173.0 183.1 197.0 186.1 186.7 188.4 Other Sectors 0.6 0.2 0.2 0.9 1.5 0.8 0.9 1.4 1.5 1.3 1.3 TOTAL OUTSTANDING LOANS 397.5 412.6 443.5 358.9 369.2 388.9 396.6 407.3 393.2 400.2 407.7

Source: Statistics Department, Bank of Uganda

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Table 6.1: Mobile Money Statistics. Number of Value of Number Value of registered outstanding of Active Number of transactions customers in remittances Customers Number of transactions (Billions of millions (Millions of in millions agents Period (Millions) Shs) (Cumulative) Shs) (90 Days) (Cumulative) 2016 Mar 197.3 9,083.1 18.9 232.8 … 111,791 Jun 227.0 10,185.3 19.6 1,738.0 … 119,581 Sep 259.1 11,482.4 20.6 430.2 … 127,292 Dec 291.4 13,079.8 21.6 290.5 … 132,937

2017 Mar 272.9 13,759.1 22.5 198.2 … 140,765 Jun 287.6 14,448.9 22.9 166.6 … 147,146 Sep 305.8 16,748.9 23.7 305.7 5.8 151,644 Dec 340.6 18,136.1 23.4 165.8 6.2 160,351

2018 Mar 119.9 6,795.0 22.7 3,794.7 13.4 163,092 Jun 118.6 6,181.0 22.7 650.2 12.8 166,194 Sep 194.9 5,800.0 23.9 30.0 14.2 178,248 Dec 221.3 5,995.2 24.5 404.8 14.7 184,529

2019 Mar 237.2 5,869.9 24.3 5,196.7 15.3 195,959 Jun 220.0 5,568.0 25.9 3,229.9 15.5 200,857 Sep 242.8 6,309.3 26.4 1,994.7 15.7 206,683 Dec 277.1 7,313.0 27.1 1,938.4 16.6 212,517

2020 Jan 275.3 6,645.2 27.3 1,266.6 17.0 216,721 Feb 263.2 6,954.8 27.5 957.9 17.3 221,117 Mar 279.8 7,099.9 28.0 1,410.6 17.8 223,901 Apr 245.4 5,445.4 28.0 1,221.4 17.7 212,131 May 269.7 6,930.7 28.3 333.3 17.7 215,271 Jun 282.1 7,633.9 28.7 1,497.9 17.5 226,615 Jul 304.5 8,497.3 29.3 1,928.7 18.3 233,383 Aug 312.8 8,708.1 29.9 2,603.9 18.9 246,137 Sep 308.0 8,532.3 30.4 1,426.8 19.3 244,831 Oct 319.2 8,477.2 30.5 1,697.8 19.5 248,618 Nov 314.7 8,471.0 30.5 289.3 19.9 255,955 Dec 352.2 10,332.9 30.7 605.1 19.8 263,698 Source: National Payments Systems Department, Bank of Uganda.

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