BOU dismiss allegations that they have hidden agenda in closing commercial banks

By Ssebuliba Samuel.

Bank of Uganda has dismissed the perception by the Parliament’s Commissions, Statutory Authorities and State Enterprises committee that bank of Uganda has hidden agenda in closing all seven commercial banks.

Speaking the ongoing investigations by COSASE committee, Edward Katimbo Mugwanyathe Statutory Manager for crane bank said that the process to close a bank lengthily at involves wide consultations.

He said that many of these banks was closed 25 years ago, but officers in bank of Uganda then must have had valid an avoidable reasons to cease these banks.

However the committee chairperson Abdul Katuntu asked him to ready terms of reference because they are not investigating intention but whether the due process was followed.