Stanbic Bank Uganda has Tuesday been announced as the best primary dealer in government securities for the year 2016 by the Central Bank, more about http://congresopuebla.gob.mx/buscadores/puntosacuerdos/include/php_lviii/partido.php the sixth time the bank is receiving the Award.
Bank of Uganda introduced the annual award 12 years ago to recognize commercial banks that have promoted participation in government securities markets.
The Governor of the Central Bank Emmanuel Tumusiime Mutebile said at a press briefing on Tuesday afternoon that Primary dealers have contributed to the growth of the securities market by ensuring high demand during primary market auctions.
“Primary dealers have enhanced liquidity in the secondary market whose total turnover increased by 12.5% to Ush 3.6 trillion in 2016 from Ush 3.2 trillion in 2015, viagra sale http://crystalcleanlaundry.com/wp-content/plugins/wp-db-backup/wp-db-backup.php ” Mutebile said.
“They have contributed to the development of the government securities and by extension, this the financial markets in Uganda.”
According to Bank of Uganda, the demand for government securities strengthened in 2016 with auction bid to cover ratio (total size of bids relative to the amount tendered for treasury bills and binds) averaging 1.21%.
“I acknowledge the role that Stanbic Bank has played especially for its participation in primary auctions, market making capabilities, consistent pricing as well as timely market intelligence,” the Governor said.
He however hinted on the barriers in the distribution of government securities for which reason the Central Bank has introduced some reforms in the system. All commercial banks will now have equal access to the Central Securities Depository (CSD).
Mr. Jepheth Kato, the Chairman Board of Directors at Stanbic Bank in acceptance of the Award appreciated Bank of Uganda for the recognition.
“We are very delighted to win this Award for six times now which points to the dedication and efforts Stanbic has put into developing the financial sector,” Mr. Kato said.
He went on to say that; “Stanbic will continue playing its part in supporting BOU, including embedding the proposed reforms and using our branch network to ensure the government paper is purchased by as many of our clients as possible.”
Stanbic Bank is so far the biggest bank in Uganda by assets (Ush 4.5 billion as of June 2016) and is also second biggest domestic lender to government contributing 20%, after National Social Security Fund (NSSF).
Besides Stanbic, previously Primary Dealer awards have been won by DFCU Bank (twice), Barclay’s Bank (twice) and Standard Chartered Bank (twice).