'Nkuba Kyeyos' Sweep Treasury Bills Off BOU Shelves For Christmas

1841 Views Kampala, Uganda

In short
On the streets and in corridors, returnees from the diaspora are famously called by the name 'nkuba kyeyos' derived from the Luganda language to mean 'sweepers' and while the street will have you believe they have money, no one will do it better than the Bank Of Uganda.

Figures from the Bank of Uganda indicate that bills to the tune of 1. 4 trillion have been sold in the December sale that was dominated by the Ugandans living abroad.

At the Bank of Uganda auction of 24 December, over 78 billion shillings was accepted for bills of 364 days, 12 billion for the 182 days bills and 1.2 billion for the 91 day bills.

The auction reflected a 37 billion shillings surge in the bills that were bought in the November auctions.

At breakfast meeting organised this morning for Ugandans living in the diaspora, Evace Byabazaire from the financial markets department said the Ugandans in the diaspora had become a force to reckon with in the buying and selling of treasury bills. Their force has been so strong that the Bank has considered a diaspora bond dedicated to Ugandans living in the diaspora.

On the streets and in corridors, returnees from the diaspora are famously called by the name ‘nkuba kyeyos' derived from the Luganda language to mean ‘sweepers' and while the street will have you believe they have money, no one will do it better than the Bank Of Uganda.

Part of their strength is reflected in the December sale of treasury bills by the Bank Of Uganda.

The adage has always stuck that most Ugandans in the diaspora are huge earners who remit a lot of money to the economy back home. True to the word, at 913million dollars, remittances are close to the tourism sector which is the other huge contributor to money injected into the economy from outside.

Indeed, as their name goes ‘Nkuba kyeyos', they have managed to sweep treasury bills off the Bank of Uganda shelves for the time they have been in Uganda.

Dr. Maggie Kigozi, who is the patron to the Ugandans in the diaspora, said the government has been a little more serious in handling the returnees which has generated money for the economy. She urged other sectors to take a keen investment eye in the Ugandans in the Diaspora for they have money to spend.

Ugandans in the diaspora have their annual dinner on Tuesday at the Serena hotel, where it is expected they will jointly agree on a joint investment company that they will front to Government for the purchase of bills and bonds from government.
   
 
 

 

About the author

Raymond Mujuni
Raymond Mujuni is a URN journalist based in Kampala. Mujuni has been a URN staff member since 2013.

Presently a Law student at Makerere University, Kampala, Mujuni started out as a freelancer for URN in 2012.

Mujuni is an investigative journalist, especially interested in Security, Science and Technology. An avid sports fan, Mujuni volunteers with the charity organisation 40 Days/40 Smiles.