Connect with us

SFI’s Urged to Transition to New Reference Rates

Banking, Finance and Insurance

SFI’s Urged to Transition to New Reference Rates

The Bank of Uganda in December 2020 issued guidance to supervised financial institutions (SFI’s) to transition away from LIBOR, Mr.  Michael Atingi-Ego, Deputy Governor, Bank of Uganda, has revealed

This is after “the UK Financial Conduct Authority and Bank of England announced that they would withdraw support for LIBOR as a global benchmark and cease its publication on 31 December 2021, because it was not supported by underlying transactions.” He said.

The deputy Governor said that since then, various jurisdictions have developed alternative reference rates to replace the previously used LIBOR benchmark and encouraged market players to identify their LIBOR exposures and implement measures to transition existing exposures to the new alternative reference rates. He further said that the BoU envisages that all institutions will have implemented transition plans for their existing exposures to alternative reference rates by 31 December 2021 when LIBOR ceases.

Mr. Atingi-Ego made the remarks just before the virtual presentation of the Absa Economic Outlook and 2020 Africa Financial Markets Index. To read his entire speech, click on this link.

Continue Reading
You may also like...
Click to comment
0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

More in Banking, Finance and Insurance

Ideashousebiznews

Uganda's leading Business, Brand, Trade Industry and Service Online Newspaper.
Covering Customer, Company and Country News, giving Accurate Analysis Assessment and Answers.

Advertisement

Upcoming: Ask The CEO (Patrick Bitature)!

Trending Stories!

Government In News

‘Gov’t cannot implement taxes without approval’

By February 14, 2021

Science, Innovations & Technology

Coke is launching a new bottle size for the first time in a decade

By February 14, 2021

Science, Innovations & Technology

The top 10 emerging technologies of the year

By January 5, 2021

News Categories

Subscribe to our Newsletter

To Top