KAMPALA, Sept. 8 (Xinhuanet) -- The Bank of Uganda (BOU), the central bank of the east African country, has a plan to upgrade its foreign reserve management operations by installation of a software worth one million US dollars.

    The BOU has signed up for Richmond Software for the upgradation.     

    BOU spokesman Juma Walusimbi was quoted by local press on Thursday as saying that "there was a need for a pro-active financial management system to keep our operations funded at the lowest costs, minimize financial risks associated with foreign exchange transactions and interest rate movements."

    The new technology streamlines central bank processes by effectively handling reserve management and monetary policy execution in a single system.

    The BOU will be the third African central bank to adopt the technology following the Central Bank of Morocco and the South African Reserve Bank.

    "The ability to keep technical issues at arms length is the main advantage. Security, which is the major issue for corporate treasuries, is guaranteed. The Application Service Provision offers treasury systems providers a way to access their market segment," Walusimbi said.

    The new system also handles a range of high value money market and foreign exchange transactions as well as swaps and bonds. Enditem