KAMPALA, Oct 14 (Reuters) – Uganda’s central bank said on Wednesday foreign-based banks do not need its license to lend funds originating abroad, reassuring an industry jolted by a court ruling last week that declared some syndicated loans involving foreign banks illegal.
The loans affected by the Commercial Court ruling represent at least $1.5 billion worth of debt, according to an industry body.
The Bank of Uganda said it did not regulate lending that involved “using funds obtained from foreign banks that do not take deposits from the public in Uganda.”
“Foreign banks lending deposits held in jurisdictions other than Uganda are regulated and supervised by their home authorities,” it said in a statement. “It is not mandatory for a foreign bank to establish a representative office in Uganda in order to conduct lending.”
The central bank’s position does not override the court’s ruling but it
Anyone who’s played Ko’Olau Golf Course on Oahu has surely regaled fellow golfers with stories of playing one of the most difficult and visually stunning courses in the world – soaring mountains, lush green surroundings, and forced carries over deep ravines. The oft-repeated joke is that the course record at Ko’Olau was 63… lost balls, that is. And you’d be hard-pressed to find a layout anywhere that looks like a better setting for a Jurassic Park movie.
Sadly, Ko’Olau has been closed, perhaps permanently.
Like many golf courses in Hawaii, Ko’Olau was hit hard by the coronavirus pandemic. While Hawaii may be paradise on earth, that hasn’t been the case for the golf industry