• Contact Us
  • About Us
  • Advertise
  • Donate
  • Login
Watchdog Uganda
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
Watchdog Uganda
No Result
View All Result

Mutebile comes out to defend BoU, says Central Bank soundly managed

Watchdog Uganda by Watchdog Uganda
7 years ago
in News
1 0

Warning: Trying to access array offset on value of type bool in /home/90/81/2028190/web/wp-content/themes/jnews/class/Image/ImageNormalLoad.php on line 70

Warning: Trying to access array offset on value of type bool in /home/90/81/2028190/web/wp-content/themes/jnews/class/Image/ImageNormalLoad.php on line 73
ShareTweetSendShare

By our reporter

Bank of Uganda Governor Prof. Emmanuel Tumusiime Mutebile has come out to defend his institution following claims that its management is guilty of incompetence and is no longer up to the task of executing its constitutional mandate.

In his letter published in the New Vision, Mutebile said if anyone is to objectively judge the competence of the BoU, he or she should look at how it has performed in relation to its core strategic objectives: controlling inflation and regulating the banking sector to protect depositors and the overall stability of the financial sector.

“Let us first consider the control of inflation. The BoU has a target to hold annual core inflation to a maximum of 5 percent on average over three years which is normally considered to be a medium term horizon. Over the last three years, from April 2015 to March 2018, annual core inflation has averaged 5.1 percent. That hardly suggests that, in terms of macroeconomic management, the BoU is incompetent,” said Mutebile.

“With regard to the regulation and supervision of banks, I believe that our record speaks for itself. In the last three years, the BoU has had to intervene in three out of the 26 banks operating in Uganda during that period, two of which, Global Trust and Crane Bank, were closed (the third was temporarily taken over by the BoU because of problems in its parent bank in Kenya). In all three cases, the interventions of the BoU followed the procedures set out in the banking laws; the Financial Institutions Act. Because of prompt interventions by the BoU, customers never lost any of their deposits in any of these banks,” he added.

According to the Governor, he believes BoU has succeeded in delivering on its core mandate of protecting depositors and the stability of the financial system.

He further refuted claims that him, his deputy and other senior officials fight each other as it has been alleged by a number of media outlets such as the Independent Magazine.

“I would also like to refute the allegation made severally by the Independent magazine that I, my Deputy and other senior officials “fight each other”. I continue to count on the confidence and support of my Deputy and all other members of the Board of Directors, Executive Directors and staff,” he noted.


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com
ShareTweetSendShare

Related Posts

Business

CAN JOHN BOSCO MUWONGE CLAIM A SPOT AMONG AFRICA’S WEALTHIEST?

5th July 2025 at 18:09
Chancellor of Jinja Diocese and Bishop’s Secretary, Fr. Gerald Mutto
News

Preparations for St. Gonzaga Gonza Day celebrations complete 

4th July 2025 at 17:54
News

New business lounge commissioned at Entebbe International Airport

4th July 2025 at 16:40
Next Post

Frank Gashumba's humble advice to the youth who want quick wealth

  • Prostitution in Uganda- Courtesy Photo

    10 dangerous hotspots known for prostitutes in Kampala

    1113 shares
    Share 445 Tweet 278
  • Silent Billionaire Bosco Muwonge Buys Mukwano Arcade at UGX 250 Billion Cash Down

    39 shares
    Share 16 Tweet 10
  • LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

    2286 shares
    Share 914 Tweet 572
  • Uganda’s Billionaires 2025: Once Again Sudhir Ruparelia Leads a Resilient Pack

    45 shares
    Share 18 Tweet 11
  • LIST : Gov’t releases Revised Salary Structure for Teachers, Police, and Prisons Staff for FY 2024/2025

    120 shares
    Share 48 Tweet 30
Facebook Twitter

Contact Information

Watchdog Uganda is a portal for solution journalism, trending news plus cutting edge commentaries in the fields of politics, security, business, tourism, entertainment, technology, agriculture, climate change, environment, public health et al. We also give preference to Ugandan community news and topical discussions. The portal also publishes community news and topical discussions.

Email: editorial@watchdoguganda.com
To Advertise:Click here

Latest News

CAN JOHN BOSCO MUWONGE CLAIM A SPOT AMONG AFRICA’S WEALTHIEST?

5th July 2025 at 18:09
Bwanika Joseph

BWANIKA JOSEPH: The Ballot and the Briefcase, Uganda’s Corporate Workers Must Vote for Fairness and Dignity

5th July 2025 at 10:36

Check out

  • Trending
  • Comments
  • Latest
Minister Muruli Mukasa

LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

24th May 2020 at 10:45
Pregnant woman

Shock as 17-year old boy impregnates his two sisters during Covid-19 lockdown 

17th June 2020 at 08:17
Sudhir Ruparelia is set to speak at business forum in United Kingdom

Billionaire Sudhir’s wisdom on how to invest in real estate

0

How a boy’s destiny turned from cotton grower to communications guru

0

CAN JOHN BOSCO MUWONGE CLAIM A SPOT AMONG AFRICA’S WEALTHIEST?

5th July 2025 at 18:09
Bwanika Joseph

BWANIKA JOSEPH: The Ballot and the Briefcase, Uganda’s Corporate Workers Must Vote for Fairness and Dignity

5th July 2025 at 10:36

© 2025 Watchdog Uganda

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News

© 2025 Watchdog Uganda