Latest news with #JimmyApaa
TimesLIVE
29-07-2025
- Business
- TimesLIVE
Uganda to debut 25-year bond as it seeks to extend maturity of its debt
By Uganda's government will sell a 25-year bond for the first time next week, its longest-dated debt instrument yet, as it seeks to extend the maturity of its debt portfolio and limit cash flow pressures, a senior central bank official said on Monday. Currently the lengthiest government bond on sale has a maturity of 20 years. "Borrowing long-term has an advantage that the cash pressure is reduced but also the costs tend to be lower compared to the short-term," Jimmy Apaa, director for financial markets at the East African country's central bank, told Reuters. "When government borrows short-term then it will experience cash flow pressure," Apaa said, adding that the first sale of the 25-year bond would be on August 6. Uganda is following in the footsteps of neighbouring Kenya, which has also sought to lengthen the maturity of its debt to manage financing pressures. Reuters
Zawya
28-07-2025
- Business
- Zawya
Uganda to debut 25-year bond as it seeks to extend maturity of its debt
Uganda's government will sell a 25-year bond for the first time next week, its longest-dated debt instrument yet, as it seeks to extend the maturity of its debt portfolio and limit cash flow pressures, a senior central bank official said on Monday. Currently the lengthiest government bond on sale has a maturity of 20 years. "Borrowing long-term has an advantage that the cash pressure is reduced but also the costs tend to be lower compared to the short-term," Jimmy Apaa, director for financial markets at the East African country's central bank, told Reuters. "When government borrows short-term then it will experience cash flow pressure," Apaa said, adding that the first sale of the 25-year bond would be on August 6. Uganda is following in the footsteps of neighbouring Kenya, which has also sought to lengthen the maturity of its debt to manage financing pressures. (Reporting by Elias Biryabarema; Editing by Alexander Winning and Ros Russell)
TimesLIVE
17-07-2025
- Business
- TimesLIVE
Uganda's reserves rise by a third due to central bank forex purchases
Uganda's foreign exchange reserves rose by about a third over the past year, after what a central bank official described as direct purchases by the bank following healthy forex inflows from commodity exports and offshore sales of government bonds. Gross reserves stood at $4.3bn (R76.93bn) in June, equivalent to 3.8 months of import cover and up from $3.2bn (R57.25bn) a year earlier, the finance ministry's Permanent Secretary Ramathan Ggoobi told a press conference. Jimmy Apaa, the central bank's director for financial markets, told Reuters the bank had bought close to $2.2bn (R39.36bn) from the foreign exchange market from July 2024 to June 2025 to boost reserves. Healthy foreign-currency inflows from exports of commodities such as coffee and cocoa and offshore flows into Ugandan government bonds for their relatively high interest rates had helped the bank make the purchases, Apaa said. The Bank of Uganda has previously said it plans to buy gold to diversify its reserve holdings. Uganda's economy has recorded strong growth in recent years, supported by oil-sector investments and infrastructure spending. But rising government debt and servicing costs have threatened the sustainability of public finances.
