By Brian Atuhura
More than 600 people in Masindi District have participated in a two day engagement with the Bank of Uganda aimed at deepening public understanding of the central bank's role in the country's socio-economic transformation.

The meeting between Thursday and Friday last week at Country Inn hotel,under the theme "Understanding the Role of Bank of Uganda in Socioeconomic Transformation of Uganda,"attracted district leaders, religious leaders, private sector players, financial institutions, students and members of the public.

Presiding over the closing session,the Deputy Governor of Bank of Uganda, Augustus Nuwagaba, emphasized the need for leaders and residents to cultivate a strong saving culture.He noted that increased savings would enable government to mobilize more resources, ultimately leading to lower lending rates by financial institutions and improved access to credit.

Professor Nuwagaba also highlighted the positive impact of tourism on the Ugandan economy, explaining that increased inflow of foreign currency from international visitors has helped strengthen the Uganda shilling.

Speaking at the same event, Buruli County Member of Parliament,Hon.Aled Ronald Akugizibwe, commended the central bank for maintaining low inflation, currently estimated at about 2.8 percent.He also appealed to the bank to support Kijunjubwa Health Centre III with infrastructure as part of its corporate social responsibility.

Representing the District Chairperson, District Female Councilor Evalyne Ayebale,called on the Bank of Uganda to intensify public awareness about its loan products, noting that many commercial banks dominate the market with high interest loans, leaving central bank supported facilities underutilized.

During a presentation, Dorothy Namarome outlined the Agricultural Credit Facility (ACF), which offers financing of up to UGX 5.1 billion at an interest rate of 12 percent,with a grace period of upto eight years.

Another official, Immaculate Nakato,educated participants on treasury bills and bonds, describing them as secure government securities available to both individuals and institutions.She encouraged residents to invest in them, noting that they provide reliable returns while supporting national development.

Nakato explained that through such instruments, government borrows from the public to finance major investments,while investors earn profits and benefit from improved public services.

The Bank of Uganda is set to mark 60 years of operation this year,with celebrations expected around August.

Closing the engagement,the Principal Assistant Chief Administrative Officer,Musa Kyamiza, commended the initiative, saying it will help bridge the information gap between the central bank and the public it serves.