BoU Tackles Inflation, Loans and Money Safety in Bushenyi Townhall

By Alex Mugasha | Thursday, May 22, 2025
BoU Tackles Inflation, Loans and Money Safety in Bushenyi Townhall
Bushenyi residents raise pressing questions on inflation, loan access, and financial literacy as the central bank urges citizens to safeguard currency and engage more with bank policies

The Bank of Uganda (BoU) on Thursday held a townhall meeting in Bushenyi, addressing a wide range of citizen concerns from inflation and loans to financial literacy and the handling of banknotes.

Speaking at the event held in Bushenyi Multipurpose Hall, district LC5 Chairperson Jaffari Basajjabalaba said there was a growing thirst for financial knowledge among citizens, especially about how the central bank operates.

"Our people need to understand the roles and functions of the central bank. There are still many gaps, and that leads to confusion and misinformation," he said.

Delivering remarks on behalf of BoU Governor Michael Atingi-Ego, the bank’s Director of Supervision, Hannington Wasswa, emphasised the importance of protecting Uganda’s currency.

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Business BoU Tackles Inflation Loans and Money Safety in Bushenyi Townhall

“We want to improve the value of the shilling, and part of that effort requires citizens to handle banknotes responsibly. Mishandling the notes costs government a lot,” he said.

Wasswa added that the central bank is keen to keep inflation within the 5% target range and is currently holding it at 3.5%.

“When we adjust the Central Bank Rate, we announce it through media channels to keep everyone informed,” he explained.

Participants were urged to take a more proactive role in understanding the policies and services available to them in the financial sector.

“Look around the premises of commercial banks—check the interest rates, fees, licenses issued by the central bank, and use the complaints boxes. Take that extra step to know the institution you're dealing with,” Wasswa advised.

Assistant Resident District Commissioner Harriet Bato welcomed the Bank of Uganda’s outreach, saying it helps demystify the financial system and empower communities.

“This engagement is shaping people’s knowledge on their rights and requirements. It’s high time our women and youth also benefited from financial services,” she said.

The Bank of Uganda team is expected to meet with Bushenyi's political and technical leaders in a similar engagement on Friday as part of its ongoing public education campaign.

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