Uganda: April 28, 2000


The Bank of Uganda (Uganda's central bank) announced that for the first time since its creation in 1966, the bank had turned a profit. The bank's only shareholder is the government of Uganda. The bank said it made around $13 million. Why the profit now? A bank spokesman said "structural reforms." FYEO will try to keep an eye on this. This could be a case where IMF pressures on a Third World central bank to reduce corruption, stop making bad loans to cronies of politicians, and cleaning up non-performing loans is working.


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