I&M Bank, ACI – Financial Markets Association of Uganda discuss tax changes, economic outlook and offshore investing
Dennis Damba, Head of Treasury I&M Bank Uganda (PHOTO/Courtesy)
KAMPALA, UGANDA – I&M Bank hosted a successful Treasurers Forum at its headquarters in the Kingdom of Kampala this week in partnership with ACI – Financial Markets Association of Uganda.
The Treasurer’s Forum, which serves as the constituent technical arm of the Uganda Bankers’ Association for financial markets affairs, brought together department heads for the Treasury/Global Markets function of the country’s commercial banks.
The monthly Treasurer’s Forum recognizes that a well-functioning financial market is vital to the growth of Uganda’s economy and the overall financial services sector.
The main objective of the monthly meetings is to promote a well-functioning financial market sector by promoting both international and local contacts between the regulator, stakeholders and financial market participants.
Denis Damba, Head of Treasury at I&M Bank, moderated the open discussion, in which the various member banks covered a range of important issues ranging from tax changes, the Fed’s rate hike, the broader economic outlook, fiscal consolidation and offshore investing.
The insightful discussions focused on the Fed’s rate hike and its impact on the economy. The current regional market outlook highlighted how the liberalization of the Ugandan economy can help ensure that the financial market remains stable.
Damba recommended that the government consider broadening and deepening the tax base to avoid multiple taxation of the same individuals/entities.
“Depending on central bank policies, the interest rate could remain high and political developments in the United States will continue to impact Uganda’s financial market. This means that the financial market will still be tight in terms of lending rates,” he continued.
The member banks also dealt with the intricacies of the 2023/2024 state budget, estimating the inflation rate at 5% in the first quarter of 2024.
The open discussion format enabled the member banks to pass on their specialist knowledge and exchange ideas productively.
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