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Africa > Uganda

You are looking at 1 - 10 of 10 items for :

  • Type: Journal Issue x
  • Financial institutions x
  • Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems x
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Cover FinTech Notes
Tokenization and Financial Market Inefficiencies
Itai Agur
,
German Villegas Bauer
,
Tommaso Mancini-Griffoli
,
Maria Soledad Martinez Peria
, and
Brandon Tan
Most financial assets are digital today. Tomorrow, they may be tokenized. Tokenization implies recording and transferring assets on a widely shared and trusted digital ledger that can be programmed. Interest in tokenization is strong and experiments abound, but what are the consequences of this new trend for financial markets? This note introduces a taxonomy and a conceptual framework centered on market inefficiencies to evaluate this question. Some inefficiencies could decline across the asset life cycle. Others would remain, however, and new ones could emerge. Issuing, servicing, and redeeming assets might involve fewer intermediaries and thus become cheaper. The costs of trading assets may also decrease as tokenization lowers some counterparty risks and search frictions and offers flexibility in settlement. Additionally, greater competition among brokers could lower transaction fees. However, tokenization may amplify shocks if it induces institutions to become more interconnected and hold lower liquidity buffers or higher leverage, potentially jeopardizing financial stability. Programs themselves may introduce new risks related to strings of contingent contracts or faulty code. While competition may grow among financial intermediaries, the provision of market infrastructure could become more concentrated due to network effects.
Keywords:
Tokenization; central banks; asset lifecycle; financial markets; financial asset market friction; B. market infrastructure investment externality; financial market inefficiency; IMF Library; Note 2025/001; D. knowledge externality; Bonds; Smart contracts; Securities markets; Liquidity; Blockchain and DLT; Global
Cover IMF Staff Country Reports
United Republic of Tanzania: Selected Issues-Macrofinancial Issues
International Monetary Fund. African Dept.
This Selected Issues paper analyzes the financial sector in Tanzania. The Tanzanian financial system has a number of characteristics commonly seen in other low-income countries. The system is relatively small, dominated by banks, and has not been particularly inclusive. Costs related to basic financial services have come down. However, in other areas, progress remains limited. Firms’ access to credit remains a problem, access to the financial infrastructure continues to lag, and market development remains at a low level. The banking system overall is well-capitalized and reasonably profitable, but there is considerable variation among bank categories.
Keywords:
ISCR; CR; excess reserves; interest rate; transmission mechanism; Community bank; deposits-to-GDP ratio; mobile money; market participant; reserve money target; Mobile banking; Financial sector development; Commercial banks; Credit; Global
Cover IMF Working Papers
Monetary Policy in a Developing Country: Loan Applications and Real Effects
Charles Abuka
,
Ronnie K Alinda
,
Ms. Camelia Minoiu
,
José-Luis Peydró
, and
Mr. Andrea F Presbitero
The transmission of monetary policy to credit aggregates and the real economy can be impaired by weaknesses in the contracting environment, shallow financial markets, and a concentrated banking system. We empirically assess the bank lending channel in Uganda during 2010–2014 using a supervisory dataset of loan applications and granted loans. Our analysis focuses on a short period during which the policy rate rose by 1,000 basis points and then came down by 1,200 basis points. We find that an increase in interest rates reduces the supply of bank credit both on the extensive and intensive margins, and there is significant pass-through to retail lending rates. We document a strong bank balance sheet channel, as the lending behavior of banks with high capital and liquidity is different from that of banks with low capital and liquidity. Finally, we show the impact of monetary policy on real activity across districts depends on banking sector conditions. Overall, our results indicate significant real effects of the bank lending channel in developing countries.
Keywords:
WP; bank balance; Monetary policy transmission; Bank lending channel; Bank balance sheet channel; Developing countries; lending rate; demand shock; market power; bank capital; Loans; Bank credit; Credit; Financial statements; Liquidity; Sub-Saharan Africa; East Africa
Cover Policy Papers
Enhancing Financial Sector Surveillance in Low-Income Countries - Case Studies
International Monetary Fund
This supplement presents ten case studies, which highlight the roles of targeted policies to facilitate sustainable financial deepening in a variety of country circumstances, reflecting historical experiences that parallel a range of markets in LICs. The case studies were selected to broadly capture efforts by countries to increase reach (e.g., financial inclusion), depth (e.g., financial intermediation), and breadth of financial systems (e.g., capital market, cross-border development). The analysis in the case studies highlights the importance of a balanced approach to financial deepening. A stable macroeconomic environment is vital to instill consumer, institutional, and investor confidence necessary to encourage financial market activity. Targeted public policy initiatives (e.g., collateral, payment systems development) can be helpful in removing impediments and creating infrastructure for improved market operations, while ensuring appropriate oversight and regulation of financial markets, to address potential sources of instability and market failures. 
Keywords:
PP; FX market; central bank; interest rate; banking sector; foreign currency; financial market; government bond; exchange rate; Securities markets; Commercial banks; Insurance; Government securities; Baltics; Africa; Global; West Africa; Caribbean
Cover Departmental Papers
The Global Financial Crisis and Adjustment to Shocks in Kenya, Tanzania, and Uganda: A Balance Sheet Analysis Perspective
Ms. Iyabo Masha
This paper analyzes the impact of the global financial crisis on the banking systems in Kenya, Tanzania, and Uganda, and their responses to it, using information from banking system balance sheets. The paper undertakes two distinct analyses. In the first analysis, the focus is on the trend in intersectoral balances and positions in the long run, using annual data for 2001–08. The second analysis uses monthly data for December 2007–May 2009 to determine how intersectoral balance sheets adjusted in the short run to sudden changes in the economic environment during the recent global financial crisis.
Keywords:
DPPP; DP; foreign currency; share; securities; loan; currency; accounts receivable; net po; Intersectoral asset; net foreign currency position; foreign currency position; positions of Kenya; forex liability; Kenyan shilling; Currencies; Financial derivatives; Loans; Foreign currency exposure; Global
Cover External Debt Statistics
External Debt Statistics
Guide for Compilers and Users
International Monetary Fund

Abstract

This Guide provides clear, up-to-date guidance on the concepts, definitions, and classifications of the gross external debt of the public and private sectors, and on the sources, compilation techniques, and analytical uses of these data. The Guide supersedes the previous international guidance on external debt statistics available in External Debt: Definition, Statistical Coverage, and Methodology (known as the Gray Book), 1988. The Guides conceptual framework derives from the System of National Accounts 1993 and the fifth edition of the IMFs Balance of Payments Manual(1993). Preparation of the Guide was undertaken by an Inter-Agency Task Force on Finance Statistics, chaired by the IMF and involving representatives from the BIS, the Commonwealth Secretariat, the European Central Bank, Eurostat, the OECD, the Paris Club Secretariat, UNCTAD, and the World Bank.

Keywords:
M&G; debt; debt liability; short-term debt; liability; interest cost; security transaction; security taker; debt position; Securities; Financial derivatives; Loans; Currencies; Global; West Africa; Africa; Southern Africa; East Africa; unit of account; External sector statistics
Cover IMF Staff Country Reports
Uganda: Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the following topics: Monetary and Financial Policy Transparency, Banking Supervision, Securities Regulation, and Payment Systems
International Monetary Fund
This paper presents findings of Uganda’s Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on Monetary and Financial Policy Transparency, Banking Supervision, Securities Regulation, Insurance Regulation, Corporate Governance, and Payment Systems. The banking system in Uganda, which dominates the financial system, is fundamentally sound, more resilient than in the past, and currently poses no threat to macroeconomic stability. A major disruption in donor flows could, however, challenge macroeconomic stability and threaten the financial system.
Keywords:
ISCR; CR; central bank; interest rate; monetary policy; payment system; financial system; foreign exchange; banking system; banking sector; clearing house; Payment systems; Commercial banks; Financial Sector Assessment Program; Loans; Bank supervision; Africa
Cover IMF Staff Country Reports
Mauritius: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper and Statistical Appendix analyzes the labor market of Mauritius. It highlights that the high level of youth unemployment in Mauritius points to deficiencies in education and training. There are also significant rigidities in the functioning of the labor market that aggravate the problem. In particular, the Mauritian labor market is highly regulated and the relevant institutions operate according to a legalistic approach in which economic criteria play a relatively minor role.
Keywords:
ISCR; CR; rate of return; money demand; firm; Mauritian rupee; net acquisition; yield; opening balance; time deposit; cash inflow; opportunity cost; Currencies; Agricultural commodities; Demand for money; Treasury bills and bonds; Caribbean
Cover Financial Sector Development in Sub-Saharan African Countries
Financial Sector Development in Sub-Saharan African Countries
Jean-Pierre Briffaut
,
Mr. George Iden
,
Mr. Peter C. Hayward
,
Mr. Tonny Lybek
,
Mr. Hassanali Mehran
,
Mr. Piero Ugolini
, and
Mr. Stephen M Swaray

Abstract

This study takes stock of progress made so far in the financial sectors of sub-saharan African countries. It recommends further reforms and specific measures in the areas of supervision, development of monetary operations and financial markets, external sector liberalization, central bank autonomy and accountability, payments system, and central bank accounting and auditing.

Keywords:
OP; central bank; government; market; payment; monetary policy; bank expansion; government bank; exchange policy; bank intermediation; resource utilization; a number of bank; government ownership; Commercial banks; Central bank legislation; Central bank autonomy; Payment systems; Financial sector; Sub-Saharan Africa; Africa; West Africa
Cover Africa and the International Monetary Fund
Africa and the International Monetary Fund
Papers Presented at a Symposium Held in Nairobi, Kenya, May 13-15, 1985

Abstract

Edited by G.K. Helleiner, this volume contains the proceedings of a symposium jointly sponsored by the Association of African Central Banks and the IMF that was held in Nairobi, Kenya, in May 1985.

Keywords:
BOOK; fund staff; African country; structural adjustment; fund official; fund program; world prosperity; Exports; Imports; Loans; Africa; Sub-Saharan Africa; Asia and Pacific; West Africa; North Africa; Caribbean; South America