Derrick Nsereko issues notice of intention to sue BOU for not pursuiting the possible Crane Bank fraud case (12.07.2017)

Kirumira Lawyer letter to New Vision: “Re: Notice of Intention to Sue for Publication of Defamatory Matter” (12.07.2017)

IMF statement on Uganda’s current Economic framework has a “grey” list, but a steady core inflation!

The International Monetary funds have concluded yet another visit to Uganda. As todays statement and insights to the economy is dim. There is not much prospects or much goodness to take out of it. Unless, you are thinking to invest while the inflations are rising and hoping it does not stop. Even though the needless to say, it has been like this before after General Elections in Uganda. That the economy has suffered a blow and a shock, which has hurt the economy and food prices. Therefore, sparked demonstrations and uprisings, like that last big one in Walk to Work and Activist for Change in 2011. It is clearly on the same path, but just in 2017 instead. President Yoweri Museveni likes to repeat himself!

“Inflation has edged up, mainly reflecting the effects of the drought. Food price inflation rose from 5 percent year-on-year in September 2016 to 22 percent in April 2017. With this, headline inflation recorded 6.8 in April 2017. Core inflation stood at 4.9 percent, in line with the Bank of Uganda’s (BoU’s) 5 percent target” (IMF, 2017). These numbers are showing the decline and increase of common commodities, even if the Core Inflation is around the estimated level; the food prices are showing the problems in the economy in general.

“The authorities have made some progress on structural reforms. Two structural benchmarks have been met on time, three with delay, and the remaining five are pending. Most notably, the authorities moved forward the legislative agenda that will support Uganda’s exit from the Financial Action Task Force “grey” list—the laws now await President Museveni’s assent. The Ministry of Finance, Planning, and Economic Development published reconciled reports on the stock of outstanding arrears at end-June 2016 (3.2 percent of GDP). Pending reforms include sending the BoU Act Amendments to Parliament, publishing the report on end-December unpaid bills, and sending to cabinet a policy for regulating mobile money” (IMF, 2017). The GoU and President Museveni have not complied totally and made laws objectively transparent. Therefore, there are laws awaiting the approval and be requested to Parliament, as the state reserves and budgets are still enforced with the will of the President. In addition, a proof of the maladministration is the amount of budget arrears that was in last budget year, which will hit the economy, as the bills have to be paid this year.

“Uganda’s external position is broadly consistent with fundamentals and desirable policies in 2016. The current account deficit is projected to temporarily increase over the next 5 years as infrastructure and oil sector investment ramp up further. Achieving the envisaged growth dividend of these investments is essential to maintaining external stability—just as for public debt sustainability. International reserves at end-December 2016 stood at US$3 billion (5¼ months of next year’s imports), above the adequacy level suggested by the IMF’s metric for credit-constrained economies. Going forward, the BoU can purchase reserves opportunistically and would meet the EAC convergence criterion of 4½ months of imports. The flexible exchange rate regime is serving Uganda well” (IMF, 2017). Therefore, the government and IMF envisions that the future prospects of oil monies will be sustainable for the current loans into infrastructure projects. It even envision it and with that will ensure external stability and trust into the economic climate of Uganda, that shows that the trust in future gains is the ones; that makes people have faith in the Ugandan economy.

This is all here proof in stated language that the IMF are looking through the budgets and their laws. Nevertheless, is not addressing the trillions shillings suddenly disappearing, neither the Presidential Handshake, as these are just figment of imagination for the foreign economic advisors. They just do not see it or does not want to see it. Peace.

Reference:

IMF – ‘Uganda: Staff Concluding Statement of the 2017 Article IV Consultation Mission and Discussions for the 8th Review under the Policy Support Instrument’ (16.05.2017) link: http://www.imf-fmi.africa-newsroom.com/press/uganda-staff-concluding-statement-of-the-2017-article-iv-consultation-mission-and-discussions-for-the-8th-review-under-the-policy-support-instrument?lang=en

Public Notice: DFCU Bank Limited Takes over Crane Bank Limited (27.01.2017)

bou-dfcu-27-01-2017

IMF Executive Board Completes the Seventh Review Under the Policy Support Instrument for Uganda (11.01.2017)

UGX Pic

Uganda’s economy has performed reasonably well in a complex environment.

WASHINGTON D.C., United States of America, January 11, 2017 – On January 5, the Executive Board of the International Monetary Fund (IMF) completed the seventh review of Uganda’s economic program under the Policy Support Instrument (PSI).1 The Board’s decision was taken on a lapse of time basis.2 In completing the review, the Board granted a waiver of the nonobservance of the end-June 2016 assessment criterion on the overall deficit of the central government.

The PSI for Uganda was approved by the Board on June 28, 2013 (see Press Release No. 13/78), and a one-year extension was approved on June 6, 2016 (see Press Release No. 16/263).

Uganda’s economy has performed reasonably well in a complex environment. Growth slowed marginally to 4.8 percent in FY15/16, reflecting muted sentiment in an election year and adverse global and regional developments. The current account deficit improved by 1 percentage point to 5.9 percent of GDP, and the Shilling has stabilized after a sharp depreciation in 2015. Growth is projected to nudge up to 5 percent in FY16/17.

Program performance under the PSI has been mixed. Tight monetary policy in 2015 has helped contain inflation in the target range, and the Bank of Uganda (BoU) has started an easing cycle in April 2016. Reserve cover remains adequate. Fiscal revenue and deficit targets were missed, reflecting lower-than-expected growth and election effects. Investment spending fell short, while current expenditure overshot. Structural reforms have progressed, albeit with some delays.

The banking sector remains overall well capitalized, despite elevated non-performing loans. The BoU appropriately took over an undercapitalized bank and is identifying a strategic investor.

Uganda remains at a low risk of debt distress. The scaling-up of infrastructure investment implies a temporary increase in debt, putting a premium on domestic revenue mobilization and ensuring that public investment yields the intended growth dividend.

Looking ahead, priorities include close cooperation with the Financial Action Task Force to ensure Uganda’s swift exit from its “gray” list; strengthening domestic arrears monitoring; and amending the Bank of Uganda Act to reinforce central bank independence.

1 The PSI is an instrument of the IMF designed for countries that do not need balance of payments financial support. The PSI helps countries design effective economic programs that, once approved by the IMF’s Executive Board, signal to donors, multilateral development banks, and markets the Fund’s endorsement of a member’s policies (see imf.org/external/np/exr/facts/psi.htm). Details on Uganda’s current PSI are available at imf.org/uganda.

2 The Executive Board takes decisions without a meeting when it is agreed by the Board that a proposal can be considered without convening formal discussions.

A look into the Crane Bank sudden fall from Grace!

nbs-bou-20-10-2016

Mutebile says Crane Bank takeover was because it lacked sufficient capital and posed a systemic risk to the financial system” (NBS TV Uganda, 21.10.2016).

There are too many signs, but the sign today that shatters the fiscal policies not worth the ink printed on the shilling; is the fall of grace from the former engine of the economy Crane Bank Limited (CBL) that we’re owned by a foreign investor and even saved by European Investment Bank (EIB). The refuelled money came in 2014 and had record results in 2015. So it’s weird by May 2016 that the bank we’re all of sudden under heavy losses. It’s not like the ATM Museveni who emptied the State House and needed new funds after Campaigns of 2015/2016. So you start to wonder if this is connected to the #ScamBailouts of Companies that even had very many accounts at the Crane Bank.

There are so many questions and reasons if it is a plot behind the scenes as the Owner Sudhir Ruparelia. That happens with the takeover of National Bank of Commerce (NBC) even at some point to gain bigger markets in 2012.

“We have picked clues that it is about the way NBC was closed and hurriedly taken over by Crane Bank and the second lead relates to politics; there are some individuals who think that Sudhir could have bailed out President Yoweri Museveni with money from his bank during campaigns and so these are trying to spoil business,” the sources say, referring to a brief about the ongoing negative publicity about Crane Bank that was reportedly prepared by Economic Monitoring Desk in the Office of the President” (Eagle.co.ug – ‘Former Premier Mbabazi cited in Crane Bank woes’ 14.10.2016).

All of a sudden the bank even swindles the long-living Honourable Member of Parliament Sam Kuteesa:

A new scandal is raging in Crane Bank after its own staff stole Shs 846m from the bank’s customers. Of this, Shs 800m was withdrawn from the account of H.E Sam Kutesa, the President of United Nations General Assembly and Uganda’s Foreign Affairs Minister and the Shs 46m from other customers in Kabale district” (…) “We contacted Sudhir Ruparelia, the Managing Director of Crane bank and this is what he said: “It is not true anyone lost money. I don’t talk on phone to people I don’t know. Come to my office”. Later, his daughter said: “As a matter of policy, the bank cannot discuss details of a customer. If you want any help, write to me, I will see if can help you”. Kutesa’s aide, Joseph Barigye, speaking from New York in the US said the bank was “sorting the mess”. Meanwhile, the bank has tasked the Forex Manager to compensate the loss” (TheInsider.co.ug – ‘Crane Bank staff swindles Kutesa’s Shs800m’ 29.04.2016).

Newspapers Same Scandal Uganda

In December 2015 an unknown bank could be closed by BoU:

“A highly placed source working with the said bank, told Newz Post that the regulator is concerned with the state of affairs at this commercial bank. The bank of all bankers has advised that something be done urgently or the worst might happen to this bank. –closing the bank” (…) “The December 2015 report by BOU auditors, found that the said bank was ‘‘less than satisfactory’’. The bank was given time to sort itself out. Meanwhile, BOU kept a close eye on bank” (…) “With pressure from BOU to do ‘‘something’’, the bank has increased pressure on the heavy borrowers, who have since resorted to selling their assets and business to pay back the loans. The BOU has also advised that the bank must get an investor to pump in more money as well as bring in management expertise” (Newz.ug – ‘BANK OF UGANDA THREATENS TO CLOSE A TOP COMMERCIAL BANK’ link: http://newz.ug/bank-of-uganda-threatens-to-close-a-top-commercial-bank/ ).

With this in mind, the biggest Commercial bank Crane all of sudden gets into management. That the bank had to close monitored must be because of the ownership and also the recent campaign trial of the government. That cannot be coincidence as the objective of that is over and now the bank is in shatters. Therefore the bank management and stakeholders has tried to keep the costumers and confidence up high, even getting the BoU to lie. As I show here.

So when that transaction happens in that regard, here is something more telling about the Crane Bank of September:

Atlas Mara, the African financial services company co-founded by the former head of Barclays’ Bob Diamond, was in talks to acquire a stake in Uganda Crane’s Bank, a person familiar with the matter said. The talks were at an early stage, the person said, asking not to be identified because the discussions were private. Atlas Mara values the bank at $250 million (R4 billion), while Crane Bank says it is worth $300m, a Nairobi-based east African newspaper reported, without saying where it got the information. Crane Bank said in September that it was looking for a strategic equity investor with a regional or continental network” (Cape Times – ‘Stake in Crane Bank on table’ 20.10.2016).

As that was happening in the hollow chambers of Atlas Mara this we’re the statement from BoU:

As of now, the Bank of Uganda has not received any request from Crane Bank to approve a change in shareholding. Should such a request be received, the proposed share holders will be vetted for “fit and proper” credentials and positively considered if they warrant approval. It should be noted that it is normal practice for financial institutions to change shareholding in line with their strategic objectives, and this has happened several times in Uganda” (Alupo, Christine – ‘Bank of Uganda on the Crane Bank Ownership’ 19.09.2016).

So there was a lie three somewhere in between the Bank of Uganda, Crane Bank and the Atlas Mara; as the Financial Service wouldn’t hunt for a new owner at the same time as the BoU would supress the idea of selling the shareholders and ownership of the same bank. That is just blatant lie from the Central Bank and Government of Uganda who covers up misconduct from their greatest Commercial bank, that had massive profits in 2015.

Museveni Swears In

If we’re talking about misconduct this one from the grandmaster kingpin His Excellency Museveni:

“A few days back (Monday), one of our journalists Sewakiryanga Ivan reported that the first family was withdrawing huge sums of money from Crane Bank. According to Ivan, Museveni had spent huge sums ($ 200 million) on the February Presidential Campaigns money, money reportedly drawn from Crane Bank. He also revealed that Crane Brank among other investments purportedly owned by Sudhir and Bassajalaba was owned by the President” (Buule, John – ‘Museveni finally sells off Crane Bank to Uganda’ 20.10.2016 – Mycampusjuice.com).

So if these reports are true, together with the shady dealings of the past as the Sudhir Raparelia who might even just been a perfect stooge in foreign investment scheme of things; while President Yoweri Museveni could run mad on his own enterprise as the bank has lasted for 24 years of the 31 years he has had the reign. That makes it possible after a little heckling over money he made his own bank to take it away from the reach of Bank of Uganda, the Central Bank and Reserves of the State. A state now so broke that now the funds for his Campaign has shattered the biggest Commercial Bank and it’s put under management of BoU. This is where even the Mighty President was not allowed to borrow for his expensive campaigning and paying of his loyal cadres to be behind after the election because of shillings of glory.

So with this in mind, the sale of Financial Service Atlas Mara wouldn’t be setup as the shoddy accounting and transparency of the bank where not fitting any prospects. Even a former Barclay’s Manager wasn’t able to settle the deal for new ownership. I am sure the finances and books weren’t sweet enough. Another reason why the Bank of Uganda wanted to make sure the Citizens of Uganda didn’t know the misconception of the safety of keeping accounts and transactions at the Bank. Together these indications prove the imbalance and wish to keep the first families activities in the shadow as they want to keep their acts behind closed doors. Still, when it surface it’s usually cause venom or disharmony as the Executive doesn’t have the Ugandans at heart, but his own pockets. Therefore even the Director of BoU Prof. Emmanuel Tumusiime-Mutebile sent him packing before emptying his treasure chest at the Crane Bank.

If this is the fact, than there are certainly many tax-payers and others accounts wiped out because of the greed of the old man with the hat. That used his last option to pay his creditors for the Presidential Campaign of 2016. Which cost a fortune for him with the buses, artists and all the other political aides paid off for the sake of 30 years and counting; the pride of the man with a lost vision. Peace!

Opinion: Who is really the “Empty Suit”? Who might it be the Empty Suit in the Ministry of Health Care or KCCA? As the recent unfolded operations of maladministration in the public view… henceforth somebody who is just nodding to the Executive for the brown envelope.

The Wire Jimmy McNulty

McNULTY: “West Baltimore is dying and you empty suits are running around to pin some politician’s pelt to the wall. Thought you was real police, brother” (The Wire Season 2, Episode 13).

There is in this day and age lots of appointed government officials, they work supposed to be diligent and with honour of the codes of their work, not work directly for the ones that appointed them. That cannot always be easy as the station and the position would not been opened or given to the person if the appointee didn’t give that extended hand or blessing for the job. When you have that situation you need a strong state and strict regulatory regime that counter the possible backhand and kickbacks to the ones that appointed them.

Why do I discuss this at this point? Because it is a vital part of our government regimes and is a question that can be asked in nearly all parts of the globe. As all jobs in the branches of government does not automatically goes to the most educated, relied on or the one person who has the most integrity in the position. Instead the man or woman who gets appointed is an “empty suit”.

Krugman Boardroom

What some of them might do?

“What typically saves the empty suit is the tenuous relation between what he or she does and any actual business results. This may be a function of the job he’s in: a staff post, with lots of power to nix others’ initiatives but no responsibility to make or sell anything. Or a pocket of avoirdupois in a still-too-fat corporate bureaucracy, the kind of position that causes underlings to scratch their heads and wonder, ”Gee, do we really need all these vice presidents?” Or the empty suit may have come up through a system that rotates fast- trackers through a new job every 18 months, even though the effects of his tenure don’t become evident for two to three years. He hardly had time to get any grounding in the work his people do, and he may have royally screwed up the few decisions he was compelled to make, but when the chickens come home to roost, he has flown. If somebody has the bad taste to try to assign responsibility, the suit can easily fuzz the matter over by suggesting that the blame rests with his successor or former subordinates” (Kiechel, 1989).

There certainly similar like the ones described in our time in every department, every corporation and every single institution we know of. This might be the Electoral Commission of Uganda and the Independent Electoral and Boundaries Commission of Kenya. As much as the regulatory chairs of the banking industry of Kenya must feel like empty suits these days as the confidence at that is low-key as well. The Chase Bank, The Imperial Bank and National Bank of Kenya have fallen from grace. The most likely selling of the Barclays Bank African Group might also make the fragile banking sector into more disarray as the leading regulators seems like the extra board-members instead of people who uses their position and chair with care and uses the mandate to make a difference and even square.

Soroti Hospital April 2016

The situations are different when the appointed is not hired for their knowledge of their field, but the loyalty of the regime or government that is running in the country. The likes of Ministry of Health in Uganda for the moment where the hospitals are creaking and the machines are criss-crossing between life and death. Electricity and other cases of depleted. As the missing extra blood for surgery, the copy-medication and the loss of necessary equipment; that shows the lack of management and reasons for empty suits. The highest empty suit for the moment must be State Minister for Health Hon. Dr. Chris Baryomunsi who seems to be more concern with catching checks then doing his job at this point. This point comes with the correlation of Minster of Health Hon. Elioda Tumwesige and the State Minister for Primary Health Hon. Sarah Opendi Ochieng. One of the three must generate a valued pay-check and makes sure that the NMS delivers the Global Funded projects and the other government funded health care, but either Chris, Elioda or Sarah, one of them or more must be a hired “empty suit” as the three of them are put into ministerial position working for initially the same thing.

lukwago-musisi

It is just like the same mess with the KCCA where you have KCCA Executive Director of Jennifer Musisi. You have Frank Tumbewaze who is both Minister of the Presidency and Kampala Affairs. Then you have the third person who got a mandate the Presidential Advisor for Kampala affairs Mr. Singh Katongole what he does is surely only him and the Executive of Uganda who knows, since his appointment in December 2015 his silence must mean a envelope and letting Hon. Tumbewaze and Hon. Musisi does what they like. To make it more hectic you have the actual people’s elected through the ballot who supposed to run the Kampala Capital City Lord Mayor Erias Lukwago. So you have hon. Musisi, Hon. Tumbewazi, Hon. Katongole and Lord Mayor Lukwago. All of them are supposed to central people in the running of administration and regulate the divisions of Kampala politically and create policies that builds and secure the functions of KCCA. That must be hectic one of these men and woman must be a empty suit. Unless Hon. Katongole who I haven’t heard a word from since appointment is an ear-to-the ground and talking or addressing letters directly to the Executive or Head of State as his role has still not been served. As the accountability of the NRM-Regime is not strong they prefer keeping people in the dark.  Hon. Tumbewaze seems more to be the ones who was appointed to turn opposition Lord Mayor on his knees and therefore also gotten a permanent Executive Director in Musisi to shut down the elected person. But the end-game is that one of them must be an “Empty Suit” as the basic needs cannot be that big, and one of them is catching the brown envelopes without doing anything.

There are certainly more empty suits in the system as I started with the appointed men who is not educated for the position, but are there for the loyalty not because of the office is needed or there for a general purpose. That is the same as extra board-members in a corporation who is hired to vote for the general consensus in the board, but not to generate profits in some sense. They are there because the Corporation and LLC need useful idiots to be paid to follow the remarks of the stakeholders and shareholders, not the common-sense of their position.

Appointment of Nat. Gov. Spokesmen Kenya

We can all question the value of these leaders and honourable men-or-woman in a representative or appointed position by the President for instance. The level of credible men and woman and the need for expertise in the government organisations, into the department and the civic care from the road-development to the health care facilities need men and woman who knows the trade. As long the men does what is needed for the President or for the Stakeholders. The ones that lose are the ordinary person, employee or civil servants as they will either work under them or have to pay them tax-money to keep them. As they have to be paid an envelope to be the empty-dress. The person who is an empty dress doesn’t become that for free. Somebody has to be charge to keep him there. Most likely it is me or you. We can just ask ourselves. Who of the appointed leaders in government is an empty suit? Who in the corporate world are the extras?

Byandala

Lastly, why does the Minister Without Portfolio. Hon. Abraham Byandala gets away and is not questioned by the opposition or anybody else. Why is this man the free-man the invisible creature in the parliament that does not have scruples? This since this position is the epitome of a Empty Suit. He is a MINISTER, but does not have an OFFICE, Department or a MINISTRY to run. Hon. Byandala can do as he pleases and still get paid. You cannot check his ministry or running government portfolio as it is non-existence from the get-go. The Government Official without any oversight and anything to initial control or say in other words the official Minister of Nothing (MoN). Hon. Byandala is running the Ministry of Nothing. The Minister of Hot-Air and the checking the chapattis’ in parliament is fresh enough for Hon. Oulanyah’s taste.

Well, what do you think? Are the somebody you feels are an Empty suit? Somebody you question or wonder if really have anything more than pay-check from the Tax-Payers money, but does not use it’s office or even delivers anything. Then that person might be an empty suit who just nods the head to the Executive and the general leadership without exercising power or determine the future of the government institution, department or ministry. Even if the person is really doing anything in the boardroom or a needed voter for the stakeholders; if it is only the needed majority to follow procedure then the scheme need a check or reform.

River Okikolo FDC 13.01.2016

There will certainly be more stories and the existence of similar men and woman who can be described as “Empty Suits” and be stooges needed by any administration and corporations as they viciously need structure to control the citizens and the policies without questions from the inner-circle. Even if that means not procurement of needed medicines, fuel, transformers or building bridges to easier access the missing Okor Bridge in Kumi District: “This project was intended to connect Nyero and Mukongoro sub-counties in Kumi district” (MoFED, March 2015). A bridge that does not exist or is built by now so the sub-counties is not yet connect because of the altered situation and have to run long roads around the area than crossing straight over the river. So a project like this says there some empty suits as in 2009 as company was hired to build the river, by December 2012 the works by the river had stopped. Even if the departments to UNRA gave reports of progress of the project was last monitored in 2014 and by 2016 there not been done more to build the bridge since the monopoly of the Chinese Contractor have stifled the progression and in the end wasted government funds into a building a bridge who does not exist. Just like the Ministry of Nothing Hon. Byandala.

Think that is enough for today! Peace.

Reference:

Kiechel, Walter – ‘HOW TO SPOT AN EMPTY SUIT This breed of modern manager looks good and gets along splendidly with the brass. But is he contributing anything?’ (20.11.1989) link: http://archive.fortune.com/magazines/fortune/fortune_archive/1989/11/20/72761/index.htm

Ministry of Finance, Planning and Economic Development – ‘NATIONAL BUDGET FRAMEWORK PAPER FY 2015/16’ (March 2015).

Barclays Bank Uganda Limited’s Operations Not Affected By Impending Shareholding Decisions (01.03.2016)

Barclays Uganda

There have been some local, regional, and international media reports regarding a decision by Barclays Bank Plc to reduce its shareholding in Barclays Africa Group Ltd which involves twelve (12) African countries including Uganda. Barclays Bank Uganda Ltd. has since held two press conferences to clarify the details of these new developments.

Further to the clarifications offered by Barclays Bank, I wish to reassure the Ugandan public that the Barclays Bank Plc announcement does not affect the operations of Barclays Bank Uganda in any way and there will be no interruption to the services Barclays Bank Uganda Ltd extends to its customers.

The regulatory framework in Uganda ensures that any transitions of this nature are orderly and do not affect the soundness and stability of the financial sector as well as provision of financial services to customers.

Please note the following salient points

1. Commercial Banks in Uganda are incorporated locally and function as independent subsidiaries and not as branches. As such, Barclays Bank Uganda Limited is an independent subsidiary of the Barclays Bank Africa Group (in which Barclays Bank Plc owns 62.3% ) and is fully incorporated and registered in Uganda. Being a subsidiary, Barclays Bank Uganda has its own capital base, Management and an autonomous Board of Directors. This insulates the subsidiary from issues affecting the parent entity.

2. The Financial Institutions Act 2004 as amended by the Financial Institutions Amendment Act 2015 and associated regulations provides for a clear procedure for the disposal of Bank of Uganda supervised financial institutions’ shares. If the shareholders of any bank choose to dispose off their shares, the Bank of Uganda will undertake the necessary process of vetting new shareholders to ensure they are fit and proper to run a financial institution in Uganda.

3. Barclays Bank Uganda Limited remains solvent and liquid. It is well capitalised with a capital adequacy ratio well above the statutory minimum of 8.0 percent. The banking sector in Uganda as a whole has a strong asset and capital base with a capital adequacy ratio of 18.8 percent, as well as a relatively low level of nonperforming loans of about 5.3 percent as at December 2015.

I therefore wish to assure the Ugandan public and customers of Barclays Bank Uganda Ltd. in particular that there is no cause for concern arising from the media announcements by Barclays Bank Plc. Customers should therefore continue with their normal banking transactions without any anxiety. The Bank of Uganda is committed to prudent supervision and regulation of financial institutions in order to ensure the stability and soundness of the financial sector, as well as the safety of customers’ deposits.

Please direct any further enquiries to the Director Communications on calupo@bou.or.ug
Justine Bagyenda
EXECUTIVE DIRECTOR SUPERVISION
BANK OF UGANDA