Bank of Uganda currency scandal will not affect our economy, says Bahati

The State Minister of Finance David Bahati has confirmed to the public that the ongoing Bank of Uganda (BoU) scandal will not affect Uganda’s economy especially in terms of inflation.

Two weeks ago, a BoU chartered plane which was supposed to carry only about 20 central bank pallets of currency was found with five extra pallets which called for an investigation.

On Tuesday, Speaker of Parliament Rebbeca Kadaga called Bahati to update the House.
Bahati confirmed that investigations are going on and he assured the members that BoU services will not be affected at all.

“So far there is no indication that this incident will affect our economy negatively especially in terms of inflation,” he said.

Bahati also urged the public to restrain from perpetuating false information which could compromise investigations.

“Government is working hard to find out the truth. Since June 10, 2019, staff from the Bank of Uganda are under investigation and have all recorded statements. BoU is still committed to assist investigators to ascertain the facts surrounding the matter,” he noted.

Explaining to the House what happened  Bahati said;  “Bank of Uganda sent staff to travel to France to ensure that the right consignment is loaded on the cargo plane from 22-26 April 2019. This activity started at the factory and ended at the nearest international airport where the plane took off for Entebbe.

On 27th April 2019, printed matter arrived at Entebbe Airport. As expected, twenty (20) pallets destined for BOU were received, intact and well-sealed. However, the BOU team at the airport noticed five (5) extra cargo pallets on board the chartered plane and this where our investigation concentrates.”

However, legislators such as Asuman Basalirwa (Bugiri municipality)  and Abdu Katuntu  (Bugweri County) refuted Bahati’s explanation and cautioned him that excess printed money will compromise the credibility of Uganda’s currency and the running of Bank of Uganda.