Quarterly Economic Report January - March 1994, Volume 01/94
1994
The report presents developments in the monetary and financial sector during the first quarter of 1994. Ease in monetary policy stance was designed to bridge the shortfall in liquidity and stabilize exchange rates. Several monetary policies were announced to tighten liquidity. Re-emergence of inflationary pressures led Bank of Uganda intervention in policies by means of treasury bills, it absorbed excess foreign exchange. Commercial bank total deposits increased tp 303.5 billion shs. end of March, borrowing from bank declined, foreign assets and liabilities of commercial banks grew at the rate of 11.2, lending to private sector grew by 10.7. Government receipts grew total, expenditure grew by a surplus of shs. 105.957 billion. Revenue was 71.1 of total receipts. Expenditure was 99.3 of quarterly estimates. Total cash inflows to the Bank of Uganda grew by 87.5. Bulk of inflows was accounted for by disbursements of balance of payments support and other bilateral donors. A total of 835,108 bags of coffee was exported. Non coffee exports was 29.2 of total export earnings. Cerials export fell to 26,445 tons. Tea exports increased marginally by 12.4, tobacco increased 1,303 tons. Fish and fish products decline by 10.8 to 1,729 tons, Beans increased to 11,596 tons. Imports remained at about the same level of US$ 53.78 million. Most imports were oil, machinery, equipment, vehicles and accessories. Reduction in debt arrears was modest. The manufacturing sector recorded fluctuations, drinks and tobacco fell by 7.17, spirits 4.55 drop, soft drinks 3.12 fall, food processing gained by 45.62, textiles increased by 67.16, soap 33.33 increase, steel products increased by 87.12, foot wear fell by 30.24
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