Members\nof Parliament have raised concern over the incessant scandals plaguing the\ncountry\u2019s central Bank following the recent mishap in which a consignment of\nprinted currency flown into the country included extra cargo not on the bank\u2019s\ndocumentation.<\/p>\n\n\n\n
The\nlegislators on Tuesday, 26 June 2019, hinted on the unsatisfactory behaviour of\nthe Bank of Uganda (BoU) in response to a report presented by the State Finance\nMinister for Planning, David Bahati, noting that not so long ago the Bank was\nunder investigation for erroneously shutting down commercial banks in the\ncountry.<\/p>\n\n\n\n
Hon.\nAbdu Katuntu (FDC, Bugweri County) said that there are two conflicting\nnarratives; one of extra cargo on a plane chartered for the exclusive use of\nBoU, which indicates a breach in contract; the second, that on the chartered\nplane, there was extra cargo which was also printed currency but not destined\nfor the BoU vault.<\/p>\n\n\n\n
\u201cThat\nsecond narrative is correct which is criminal and has wide implications on the\ncredibility of our currency and the running of the Bank with the possibility of\nnegatively impacting the economy,\u201d he said.<\/p>\n\n\n\n
Katuntu\nadded that what is required at BOU is a structural overhaul because there is a\nproblem. \u201cAs if BoU has not learnt, it falls in the same problem. The other\nproblem is that the Board of Directors does not report to anyone and therefore,\nthey cannot be probed,\u201d he noted.<\/p>\n\n\n\n
He\nsaid that there is a need to go back to some of the recommendations made on BoU\nafter the probe on illegally closing of banks.<\/p>\n\n\n\n
\u201cThings\nlike the Governor being the Board Chairman has to be changed; it means that he\nreports to himself and dictates how things should be run without being\nquestioned,\u201d Katuntu added.<\/p>\n\n\n\n
He\nsaid that there are two factions; one for the Governor and the other under the\nDeputy Governor that are always fighting themselves because of succession. He\nadded, \u201cThe effects of what is going on in BoU is going to affect us all\nbadly.\u201d<\/p>\n\n\n\n
Hon.\nAlex Byarugaba (NRM, Isingiro South) said that it is an embarrassing moment for\nMPs and the country because back in the day, the central bank was never\ninvolved in scandals.<\/p>\n\n\n\n
\u201cThese\npeople who are being suspected should be on suspension to show that the government\nis committed to iron out such issues in that institution because we are fed up\nof the countless scandals,\u201d he said.<\/p>\n\n\n\n
Byarugaba\nsaid that the matter needs to be expeditiously handled so that the image of BoU\nand the country is restored.<\/p>\n\n\n\n
The\nSpeaker of Parliament, Rebecca Kadaga, asked what they are going to do with the\nresults that come out from the investigation and demanded for a preliminary\nreport by mid July.<\/p>\n\n\n\n
Bahati\nresponded by saying that they will report to Parliament the actions being taken\nby the government on the situation in the central bank.<\/p>\n\n\n\n
\u201cWhat\nyou deserve is the truth and only the truth. We have asked the investigators to\nhandle the matter expeditiously,\u201d he told the MPs.<\/p>\n\n\n\n
He said that the report shall answer the questions of: who has the five pallets, what was in them, where are they now and whom did they belong to among others.<\/p>\n\n\n\n
Parliament.go.ug<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" Members of Parliament have raised concern over the incessant scandals plaguing the country\u2019s central Bank following the recent mishap in which a consignment of printed currency flown into the country included extra cargo not on the bank\u2019s documentation. The legislators on Tuesday, 26 June 2019, hinted on the unsatisfactory behaviour of the Bank of Uganda […]<\/p>\n","protected":false},"author":27983,"featured_media":9868,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_paywall_metabox":[],"jnews_override_counter":[],"footnotes":""},"categories":[98],"tags":[31],"class_list":["post-9866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"yoast_head":"\n