Thursday, February 9Elite News ---- For Adverts or Story call: 0788166280 | 0705145487-----
Shadow

Tag: ABSA

Uganda’s Central bank says that no License is Needed for Foreign Lending

Uganda’s Central bank says that no License is Needed for Foreign Lending

Business, FEATURED, NEWS
 Uganda’s central bank said on Wednesday foreign-based banks do not need its license to lend funds originating abroad, reassuring an industry jolted by a court ruling last week that declared some syndicated loans involving foreign banks illegal. The loans affected by the Commercial Court ruling represent at least $1.5 billion worth of debt, according to an industry body. The Bank of Uganda said it did not regulate lending that involved “using funds obtained from foreign banks that do not take deposits from the public in Uganda.” “Foreign banks lending deposits held in jurisdictions other than Uganda are regulated and supervised by their home authorities,” it said in a statement. “It is not mandatory for a foreign bank to establish a representative office in Uganda in order t...
WP2Social Auto Publish Powered By : XYZScripts.com