February 8

COVID-19 Knocked $200 Million off Remittances Last Year in Uganda

By Martin Luther Oketch

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.

Source: Daily Monitor (link opens in a new window)

Coronavirus, Finance
financial inclusion, fintech, remittances