Bank of Uganda

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Bank of Uganda
Headquarters Kampala, Uganda
Governor Emmanuel Tumusiime Mutebile
Central bank of Uganda
Currency Uganda Shilling
UGX (ISO 4217)
Reserves US$3.276 billion[1]
Website Official site
Assets = US$8.2 billion (2013)[citation needed]

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 of Uganda but is not a government department.

Organization and governance

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 his or her 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.

The current governor is Emmanuel Tumusiime-Mutebile and the deputy governor is Louis Kasekende.[2]

Currency centers

The central bank maintains currency centers 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. There are a total of nine currency centers in the following cities and towns:

  1. Arua Currency Center - Arua
  2. Fort Portal Currency Center - Fort Portal
  3. Gulu Currency Center - Gulu
  4. Jinja Currency Center - Jinja
  5. Kabale Currency Center - Kabale[3]
  6. Kampala Currency Center - Kampala
  7. Masaka Currency Center - Masaka
  8. Mbale Currency Center - Mbale
  9. Mbarara Currency Center - Mbarara

Financial inclusion

The bank actively promotes the policy of financial inclusion, and is a member of the Alliance for Financial Inclusion.

The bank is also one of the original 17 regulatory institutions to make specific national commitments to financial inclusion under The Maya Declaration during the AFI Global Policy Forum held in Riviera Maya, Mexico in 2011.[4]

See also

References

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External links

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