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Frank tumwebaze
ICT and National Guidance Minister Frank Tumwebze. Courtesy photo

Government Moves to Amend Bank of Uganda Act

Subsequently, the Minister of finance has been authorized to issue drafting instructions to the First parliamentary counsel to have the amendment Bill drafted and then tabled to cabinet for discussion
posted onFebruary 27, 2018
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By Albert Tumwine

In a bid to update the objectives and functions of Bank of Uganda to reflect the changing mandate and roles of the central bank, government has approved principles to amend the Bank of Uganda Act, 2000.

Subsequently, the Minister of finance has been authorized to issue drafting instructions to the First parliamentary counsel to have the amendment Bill drafted and then tabled to cabinet for discussion.

This was revealed by the Minister of ICT and national guidance Frank Tumwebaze at the media center on Tuesday morning.

Tumwebaze who is also the cabinet spokesperson  explained that  by seeking to amend the BoU Act, government intends to outline the monetary policy operations of  the  Central Bank (BOU) and to ensure effective implementation of the requirements of the new national legislation and regional (EAC) commitments.

The minister added that government also seeks to strengthen 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.

This follows a Monday cabinet meeting chaired by President Yoweri Museveni at State House Entebbe. 

UCC Investigates Unregistered SimCards

Meanwhile Tumwebaze said that, “Cabinet has noted with great concern, reports of illegal simcards still active in the market and being used by criminals to hide identity.

“The Minister of ICT and National Guidance briefed cabinet that the Uganda Communications Commission (UCC) had been directed to commence investigations into how some alleged Airtel numbers were got with wrong or forged identities by suspected criminals,” Tumwebaze said at the weekly government press conference.

Mr Tumwebaze added that cabinet has also directed the Minister of ICT and National Guidance to investigate Telecommunication Companies that registered Simcards with wrong Information with a view of taking strong punitive measures against them if found uncompliant with government’s standing policy of having all simcards registered before issuance with the use of a National Identity card for Nationals.

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