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Have an account in Crane Bank? Do not panic – Finance

The Ministry of Finance has asked members of the public with accounts in Crane Bank not to panic. This comes after the central bank took over management of Crane Bank due to a financial crisis that has left the lender without adequate capital. According to the regulator, allowing Crane Bank’s activities to continue in the current form would be detrimental to the interests of its depositors. State minister of finance in charge of Planning David Bahati says this was done to protect all deposits at the bank and is proof that the central bank is on top of its game. In 2015, an on spot check at the Crane Bank revealed that there were potential risks to its capitalization. The …

Abuja recommendation on health a mistake

The Abuja 15% funding allocation recommendation to health sector was a mistake. This is according to the Executive Director African Centre for Global Health and Social Transformation Prof Francis Omaswa. Speaking at the launch of the state of the World and Uganda Population reports in Kampala last evening Prof Omaswa said what Uganda needs to be pushing for is per capita increment of resources to the sector so as to address service standards. African leaders at a meeting in Abuja Nigeria committed to allocate 15% of their countries’ resources to the health sector but many are yet to honor this pledge.

UCU students Graduate

Over 1,500 students have graduated in the third phase of the 17th graduation ceremony at Uganda Christian University Main campus Mukono. According to the Acting Public Relations Officer Ivan Naijuka, over 600 of these are male while 800 are female with 44 first class degrees across all courses. The chief guest is Os Guinness, a great grandson of Arthur Guinness, an Irish brewer and founder of the Guinness brewery business. Guinness who worked as a freelance reporter for the BBC in the 1960s is today an author of books like Fool`s Talk, A free People`s Suicide and Renaissance among many more.  

Uganda drops in FIFA rankings

Uganda has dropped 7 places in the latest FIFA World rankings. Despite an away draw with Ghana in the World Cup qualifiers, Uganda is now ranked 72nd from the 65th position it held last month. The drop is attributed to the 1-0 loss to Togo in an international friendly On the African continent Uganda is ranked 19th and still the highest ranked nation in East Africa.  

Bank of Uganda Takes Over Crane Bank Management

The Bank of Uganda has with effect from today, 20th October 2016, taken over management of Crane Bank Limited This is in exercise of its powers under section 87 (3) of the Financial Institutions Act 2004. According to a notice issued by the governor Tumusiime Mutebile, the action has been taken on grounds that the bank is significantly undercapitalized as defined by law. The notice also indicates that Crane Bank’s financial health poses systemic risk to the stability of the entire financial system. It adds that the continuation of the activities of Crane Bank in its current form is detrimental to the interests of its depositors Accordingly, the Central Bank has appointed a statutory manager to the affairs of Crane …