Museveni Endoses Continued Probe into BoU Operations

President Museveni rejected attempts to stop the investigation into Bank of Uganda operations by Parliament.

This after Hon. Matia Kasaija, Finance Minister tabled a motion to Cabinet to stop the ongoing investigation of the operations of the central bank alongside alongside the reasons for the closure of seven banks.

The Minister submitted that the ongoing inquiry would result into capital flight as well as affect investment of the country as it affects confidence in the central bank.

He proposed that a meeting be convened between BoU, the Finance ministry and MPs on the Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) to make sense of exactly what transpired.

However, colleagues failed to comply to this notion and argued that the committee should probe into the issue and get to the bottom of it all.

President Museveni disclosed that BoU officials were deceitful about the financial statuses of the banks that were later closed and therefore there was inevitable need for the committee to look into the issue.

“Based on what has already transpired, Cabinet should be the first to let the processes go on. This country has one central bank, whatever happens to that bank hurts the economy. If there are challenges, they should be addressed,” said Abdul Katuntu, the Chairperson for COSASE.