Orient bank is to launch a dollar account to enable its customers keep and earn interest in dollars, the general manager, Shamsher Khemani has said.
“We wanted to offer a unique product for expatriates and Ugandans with dollar inflow locally and Diaspora. We learnt that most of these people are afraid to keep their money in local currency because of exchange rate uncertainties. They will now save with us here in Ugandaâ€¦”
Orient bank is the only bank of its kind to start a dollar account in the country. The new service will enable customers deposit money in dollars and the bank will save it in the same currency. There will be no transaction charges and customers will be able to access their money in several bank branches on a 24-hour basis.
Khemani emphasized that when a client maintains a minimum balance of $1,000, he/she will earn a 2% interest per annum. Those who will maintain a minimum balance of $3,000, the interest rate will be 3% per annum. The intention of Orient bank in this respect is to encourage saving as economic growth depends on the saving culture of the people.
The bank is planning to expand its branches and open up new branches in the Northern and Eastern Uganda and it is affiliated to Citibank. Khemani encouraged people to save and earn more interest for themselves.