Finance Minister Kasaija moves to amend Bank of Uganda Act

By our reporter

Finance Minister Matia Kasaija is set to enforce the amendment of Bank of Uganda Act, 2000 in a bid to streamline its operations.

During a cabinet meeting at State House, Entebbe, Kasaija noted that government will update the objectives and functions of BoU to reflect changing mandate and roles of the central bank and outline its monetary policy operations.

According to the minister, the amendment will enhance Central bank’s capacity to respond to the challenges arising from the ‘evolving financial market environment.

“Government will ensure effective implementation of the requirements of the new national legislation, regional (EAC) commitments and strengthening all provisions in the current Act that are considered inadequate for the effective execution of BOU’s constitutional roles in the changing environment and clarify those that have presented interpretation challenges,” said Kasaija.

During the meeting, ministers said that after amending the BoU Act, Kasaija will issue draft instructions to the First Parliamentary Counsel to have the amendment Bill drafted and then tabled before Cabinet for deliberation.

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