BoU Clears Banks to Cut Working Hours

Bank of Uganda has granted a request by financial institutions to reduce their working hours so as to protect their employees from Coronavirus which is spreading around the country.

Commercial banks, credit institutions and Micro deposit institutions under the Uganda Bankers Association this week wrote to the central bank asking to be allowed to cut their working hours.

These requested to start working from 9am to 3pm, as opposed to 8am to 6pm during weekdays. They also asked to close through the weekend.

In response yesterday, the Central Bank through the Executive Director in charge of supervision Tumubwine Twinemanzi, granted these requests.

“On account of operating challenges posed by the operating challenges posed by the COVID 19 crisis bank of Uganda hereby grants no objection to all financial institutions for amendment of their branch operating hours to 9.00am to 3pm and branch closure on Saturday and Sundays,” he responded.

This comes as more businesses around the country continue to report lower and lower numbers of customers with many Ugandans under lockdown as ordered recently by the president.