OPINION: Bank Of Uganda Silent About This 120 Billion Fraud Scandal

Culture

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By Daniel Hasabubwenje “We are all aware that there is an ongoing case in the Courts of Law, but the existence of such a big case in Courts of law is an ongoing public concern that the regulator should be concerned about.” Over the years it’s been a well-known fact that a sound and workable financial system is a direct result of the activities of financial institutions supervised and regulated by the Central Bank. Bank of Uganda (BoU) is the Central Bank of the Republic of Uganda which was opened on August 15, 1966. It is 100% owned by the Government of Uganda but it is not a government Department hence giving it the capacity to make independent sound decisions. The Central Bank has 9 branches across the country to ensure efficient service delivery and monitoring of the financial institutions. All the 9 branches are headed by Branch Managers in Kampala, Jinja, Mbale, Gulu, Mbarara, Kabale, Fort Portal, Arua and Masaka City. We also understand that the Bank of Uganda conducts all its activities in close association with the Ministry of Finance, Planning and Economic Development (MoFPED), taking on the responsibility of formulation and implementation of the monetary policy as...

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