The Bank of Uganda is the central bank of Uganda. Established in 1966, by Act of Parliament, the bank is wholly owned by the government but is not a government department.[3]
History
In 1979 and again in 1987, the Bank of Uganda managed to maintain an exchange rate of USh to US$1.[4] Starting in 1987, the IMF backed the development of the Bank of Uganda, and completed its first stage of recapitalizing the central bank in 1997.[5]
At the AFI Global Policy Forum held in Riviera Maya in Mexico in 2011, the Bank of Uganda was one of the original 17 regulatory institutions to make specific national commitments to financial inclusion under The Maya Declaration.[6]
In June 2019, seven directors of the bank were fired after accusations of printing their own money bills.[7]
Organization
The board of directors of the Bank of Uganda is the bank's supreme policy making body. It is chaired by the governor or, in their absence, by the deputy governor.
The duties and powers of the board are specified by the Bank of Uganda Act. This Act makes the board responsible for the general management of the affairs of the bank. The board formulates policy and ensures that anything required to be done by the bank under the statute as well as anything else that is within or incidental to the functioning of the bank is carried out.
The president of Uganda appoints both the governor and the deputy governor, on the advice of the cabinet, for five-year renewable terms. Other members of the board (not fewer than four and not more than six) are appointed by the minister of finance for three-year renewable terms. The secretary to the treasury is an ex-officio member of the board.
As of June 2019, the bank employed 1,066 people.[2] The Bank of Uganda is a member of the Alliance for Financial Inclusion.
The governor of the Bank of Uganda between 2001 and 2022 was Emmanuel Tumusiime-Mutebile (1949–2022).[8]
Currency centres
The central bank maintains branches and currency centres in various locations around the country, whose purpose is to store, process and monitor the supply of currency to the government and private financial institutions in the surrounding cities, towns, and villages.[9]
- 1) Arua Branch - Arua
- 2) Fort Portal Branch - Fort Portal
- 3) Gulu Branch - Gulu
- 4) Jinja Branch - Jinja
- 5) Kabale Branch - Kabale[10]
- 6) Kampala Branch - Kampala
- 7) Masaka Branch - Masaka
- 8) Mbale Branch - Mbale
- 9) Mbarara Branch - Mbarara
- 10) Lira Currency Training Center - Lira
See also
- List of banks in Uganda
- Banking in Uganda
- List of central banks of Africa
- List of central banks
- List of financial supervisory authorities by country
External links
References
- Jan Weidner. The Organisation and Structure of Central Banks Katalog der Deutschen Nationalbibliothek, 2017^
- Bank of Uganda. Bank of Uganda Annual Report For The Year Ending 30 June 2020 Bank of Uganda, July 2020, retrieved 28 September 2021^
- George Asiimwe. Government Has Never Borrowed From Us And Failed To Pay Back - Bank of Uganda ChimpReports.com, 20 September 2022, retrieved 20 September 2022^
- Richard Omongole. Bank of Uganda will kill the Ugandan economy after coronavirus Pmdaily.com, 10 May 2020, retrieved 5 June 2020^
- Enhanced Structural Adjustment Facility - Policy Framework Paper, 1997/98–1999/2000 Imf.org, 22 October 1997, retrieved 5 June 2020^
- Alliance for Financial Inclusion. Maya Declaration Urges Financial Inclusion for World's Unbanked Populations PR Newswire, 30 September 2011, retrieved 20 April 2014^
- Bank Of Uganda Directors Fired For Gross Fraud Taarifa.rw, 28 April 2020, retrieved 5 June 2020^
- Nelson Naturinda. Bank of Uganda Governor Mutebile Dies in Nairobi The East African, 24 January 2022, retrieved 20 September 2022^
- Bank of Uganda. Bank of Uganda Branches And Currency Training Center Bank of Uganda, 29 September 2016, retrieved 29 September 2016^
- Runyambo Uwera. Central Bank Launches Currency Centre Daily Monitor, 12 April 2010, retrieved 20 April 2014^