The Bank of Uganda Governor Prof Emmanuel Mutebile has confirmed that the International Monetary Fund (IMF) recently sent a Bank Supervision Advisor to monitor the Central bank operations.
Mutebile made the revelation during the High-Level Stakeholders’ Engagement on Building a 21st Century Ugandan Economy held on Tuesday at Kampala Serena Hotel.
“Although bank supervision and regulatory structures broadly follow international best practices, Bank of Uganda has stepped up the strengthening of commercial bank’s financial reporting, internal controls, and governance. Weaknesses in these areas were at the core of the most recent commercial bank failures,” Mutebile said.
“I am very pleased to report that the International Monetary Fund has recently sent to us a resident bank supervision advisor.”
In June, the State House Anti-Corruption Unit (ACU), police and other security agencies kicked off investigation into BoU over the extra Shs90 billion that was printed separately and shipped into the country without the knowledge of the governor. It later on turned out that it is indeed Mutebile himself who had petitioned State House ACU’s Lt. Col. Edith Nakalema to investigate the scandal of extra printing of money.
The director of Currency department at Bank of Uganda, Charles Malinga was arrested and arraigned before Anti-Corruption Court in Kololo over the extra printing of money before his appearance, Francis Kakeeto, a branch manager at Mbale and Fred Wanyama were charged with abuse of office and in alternative corruption which they have both denied before magistrate Herbert Asiimwe.
Prosecution informed court that on April 26, 2019 between France, Belgium and Entebbe airport, the duo while on assignment by their employer to carry out a pre-shipment inspection of printed materials in France, in abuse of the authority to offices did an arbitrary act prejudicial to the interest of their employer and allowed the inclusion of unauthorized case on a cargo plane fully chartered by BoU.
Hardly a month after, Uganda Police detectives were reported to be investigating Shs400 billion that the Bank of Uganda (BoU) officials transferred and stored in BoU Masaka Currency Centre in a room without CCTV cameras, meaning the money could be stolen without tracing it.
And last month, security operatives again arrested three staff of BoU in Mbale who were reported smuggling out money in sacks.