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 Uganda…”

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.

Japan is planning to give a grant of about 4m (sh 7b)to Uganda for re-construction of the Jinja road round about, Masayoshi Hamada, the Japanese vice-minister for foreign affairs, has revealed.

Hamada in his own words said, “I am here to promote business ventures between Uganda and Japan. My government is planning to give Uganda between $3m and $ 4m for reconstruction of the round about” He said this after touring phoenix logistics in Kampala, on Saturday last week, which start exporting cotton garments to the US under the African Growth and Opportunities Act arrangement.

The Japanese vice-minister for foreign affairs highlighted that his country also provided funds for re-enactment of the Wandegeya and Clock Tower junctions.

In addition, Japan will continue to support government with technical assistance in various fields such as hydro power, promotion of agriculture, education particularly secondary schools and vocational training.