COVID-19 Knocked $200 Million off Remittances Last Year in Uganda
Remittances fell by $200m for the year ended December 2020, highlighting the impact of Covid-19 within and without Uganda.
According to data from the Central Bank, Dr Adam Mugume, the Bank of Uganda executive director research, said remittances from abroad reduced to $1.2b down from $ 1.4b in the period ended December 2019.
However, he did not explain the cause of the reduction but indications are that Covid-19 could have had a big impacting eating away $200m and slowing down one of Uganda largest foreign exchange sources.
Photo courtesy of Monito.