UGANDA

UGANDA
Table 3. Uganda: Monetary Accounts, FY2012/13–FY2017/18 1,2
(Billions of Ugandan Shillings unless otherwise indicated)
2012/13 2013/14 2014/15
2015/16
2016/17 2017/18
6th Rev Est. 6th Rev Proj. Proj.
Depository Corporations Survey 3
Net foreign assets 8,427 8,844 9,656 10,740 10,329 11,559 11,049 12,267
Bank of Uganda 8,305 9,455 10,092 10,309 10,642 11,137 11,411 12,629
Commercial banks 122 -611 -436 432 -313 422 -362 -362
Net domestic assets 3,621 5,291 6,733 8,196 7,228 9,817 7,527 9,547
Claims on public sector (net) 4 -17 623 1,911 2,658 2,841 3,161 3,061 3,574
Claims on central government (net) -105 539 1,827 2,576 2,750 3,079 2,970 3,483
Claims on the private sector 8,011 9,124 10,986 12,762 11,422 14,831 12,372 14,230
Other items (net) 5,6 -4,373 -4,456 -6,163 -7,224 -7,035 -8,176 -7,907 -8,257
Money and quasi-money (M3) 12,047 14,142 16,389 18,937 17,557 21,376 18,575 21,814
Broad money (M2) 8,932 10,195 11,095 13,060 12,085 14,849 12,786 15,015
Foreign exchange deposits 3,115 3,947 5,294 5,877 5,472 6,527 5,789 6,798
Bank of Uganda
Net foreign assets 8,305 9,455 10,092 10,309 10,642 11,137 11,411 12,629
Net domestic assets -4,760 -5,363 -5,039 -4,416 -4,991 -4,567 -5,699 -6,502
Claims on public sector (net) 4 -2,858 -3,059 -1,995 -1,731 -1,686 -1,508 -1,922 -1,822
Claims on central government (net) -2,858 -3,059 -1,995 -1,731 -1,686 -1,508 -1,922 -1,822
Claims on commercial banks -518 -889 -161 628 -461 1,206 -423 -400
Other items (net) 5,6 -1,383 -1,415 -2,883 -3,312 -2,844 -4,264 -3,354 -4,280
Base money 3,545 4,092 5,053 5,893 5,651 6,570 5,711 6,127
Currency in circulation 2,453 2,746 3,232 3,650 3,392 4,150 3,573 4,196
Commercial bank deposits 7 1,092 1,346 1,822 2,243 2,259 2,421 2,138 1,931
Other Depository Corporations
Net foreign assets 122 -611 -436 432 -313 422 -362 -362
Net domestic assets 9,805 12,439 14,113 15,375 14,985 17,395 15,872 18,577
Of which Claims on central government (net) 2,753 3,598 3,830 4,307 4,436 4,587 4,892 5,305
Of which Claims on private sector 7,964 9,069 10,922 12,693 11,386 14,762 12,331 14,189
Deposit liabilities to the non-bank public 9,927 11,828 13,677 15,806 14,621 17,816 15,510 18,215
Shilling deposits 6,812 7,881 8,383 9,929 9,150 11,289 9,721 11,416
Foreign exchange accounts 3,115 3,947 5,294 5,877 5,472 6,527 5,789 6,798
Memorandum items:
(Annual percentage change)
Base money 17.7 15.4 23.5 16.6 11.8 11.5 1.1 7.3
M3 6.6 17.4 15.9 15.5 7.1 12.9 5.8 17.4
Credit to the private sector 6.4 13.9 20.4 16.2 4.0 16.2 8.3 15.0
Base money-to-GDP ratio (percent) 5.5 5.8 6.5 7.0 6.7 7.1 6.1 5.9
M3-to-GDP ratio (percent) 18.6 20.1 21.1 22.5 20.7 23.0 19.8 21.1
Base money multiplier (M2/base money) 2.5 2.5 2.2 2.2 2.1 2.3 2.2 2.5
Credit to the private sector (percent of GDP) 12.4 12.9 14.1 15.1 13.5 16.0 13.2 13.8
Gross reserves of BoU (US$ millions) 2,912 3,394 2,895 2,745 2,962 2,910 2,980 3,101
Velocity (M3) 5.4 5.0 4.7 4.5 4.8 4.3 5.0 4.7
Exchange rate (Ush/US$, eop) 2,593 2,600 3,302 … 3,778 … … …
Sources: Ugandan authorities and IMF staff estimates and projections.
1
Fiscal year runs from July 1 to June 30.
2 All figures are based on the 2009/10 rebased GDP provided by the authorities in October 2016.
3
Starting on June 2013, the Bank of Uganda expanded the reporting coverage from Monetary Survey to Depository Corporations Survey.
4 The public sector includes the central government, public enterprises, other financial corporations and local governments.
5
Including valuation effects, the Bank of Uganda's claims on the private sector and Claims on Other Financial Corporations.
6
Reflects actual and projected issuances for the recapitalization of Bank of Uganda.
7 Inclusive of foreign currency clearing balances.
24 INTERNATIONAL MONETARY FUND