Absa Bank Uganda has been recognized by Bank of Uganda as the Best Performing Bank in Uganda Government Securities in the month of January 2020.
The award was handed over by the Governor of Bank of Uganda, Emmanuel Tumusiime Mutebile at the Central Bank offices.
The awards, established by the Central Bank, recognize the Primary Dealer that performs best in auctions of monetary policy instruments, trading of Uganda Government Securities and the transmittal of information regarding the status of the financial markets to the Central Bank.
The Primary Dealer (PD) system established in 2005, is aimed at promoting participation in Uganda Government securities markets.
“This is a reflection of our commitment to the securities market and our renewed effort to participate more. We appreciate the efforts of the Central Bank to improve participation in trading of government securities to foster market growth and are humbled to receive this recognition,” said Michael Segwaya, Executive Director and Chief Finance Officer at Absa Bank Uganda.
The findings of the recently released Absa Africa Financial Market Index report which evaluates financial market development in 20 countries and highlights economies with the clearest growth prospects, recognized efforts by Bank of Uganda to expand market depth through policy changes. Last year, government reduced withholding tax on 10-year government bonds by half to 10%.