Bank of Uganda -BOU has announced on Friday, that they have agreed to a request made by commercial banks’ to reduce their working hours and close branches on weekends.
In a circular on March 27, 2020, the BOU says the Banks will now open at 9 a.m. and close at 3 p.m. during weekdays, in a bid to manage the spread of Coronavirus Disease- COVID-19.
It is addressed to all chief executives of commercial banks, credit institutions, and microfinance deposit-taking institutions.
The Central Bank says that face-to-face meetings with the banks’ board members, senior management and or their external auditors are suspended at this time. Banks will be required to conduct such meetings instantly.
As businesses come to standstill, following the president’s directives over the past weeks, banks as financiers are expected to make losses as people lag behind in their loan repayments.
President Yoweri Museveni has since banned for 32 days all places of worship, bars, and discos , Institutions of learning and most recently the suspension of public transport and sale of non-food items in the market places for 14 days.
Several organizations including government entities, tour companies among others.
BOU says banks will also vigorously test their individual business continuity plans for adequacy with securing the safety of customers and staff.
Uganda has so far confirmed 18 cases of Covid-19.
