The majority of Ugandan banks remained on their feet during the recent financial crisis, retaining both profitability and solvency, according to the Bank of Uganda's first ever Financial Stability Report, published late last year.

While limited exposure to toxic foreign assets insulated the economy from the worst of the crisis, foreign investors' exit from domestic debt markets and a weakening in the current account of the balance of payments did, ultimately, have an effect on the economy.

Emman