ECONOMIC BRIEFS: Microfinance body introduces guidelines to regulate digital lending

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MONEY MATTERS | The Uganda Microfinance Regulatory Authority (UMRA) has implemented Tier 4 Digital Lending guidelines aimed to curb excessive interest penalties on default, prohibit criminal debt recovery tactics, and ensure transparency in operations.

Uganda Stock Exchange

At the close of yesterdays trading session, the Uganda Stock Exchange witnessed a mixed performance with 7 gainers and 2 losers.

Notable gainers included EABL with a price increase of 4.54 percent, KCB by 4.30 percent, and Equity Bank by 2.58 percent. On the other hand, Centum Investments and NMG faced losses of 2.12 percent and 2.43 percent, respectively.

Forex markets 

Last week, the government debt market saw investors advocating for higher returns, while the Bank of Uganda (BOU) signaled a preference for lower rates.

Meanwhile, the Kenyan market observed a surge in currency strength against the dollar, reaching its highest level in 11 months at 138.

This rally is attributed to increased investor confidence following significant inflows from the Eurobond and Infrastructure bond.

In the global markets, the US Dollar weakened on the back of hotter than expected inflation data, as investors awaited further insight into the Federal Reserve's stance on interest rate cuts.

During yesterday's afternoon trading session, the shilling opened buying at 3,879.33 and closed buying at 3,875.04, with selling rates opening at 3,889.33 and closing at 3,885.04.

Commodity prices 

Sales in the main fresh markets remained subdued, with vendors attributing the decline to the ongoing Ramadhan period, resulting in reduced spending habits among consumers.

With these developments in mind, stakeholders in the financial and commodities markets are closely monitoring regulatory changes and market dynamics to navigate the evolving landscape.

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