Governor Mutebile sticks to guns on closure of banks

By Moses Kyeyune.

The Governor, Bank of Uganda Prof Emmanuel Mutebile has maintained his earlier stand on the closure of seven banks, saying that he was right.

The governor has made his submission at the exit meeting with Parliament’s Committee of Commissions, Statutory Authorities and State Enterprises to day.

Mutebile says that for all the banks he has closed it was necessary as failure to intervene would have resulted into a financial crisis that would further hurt the sector.

The governor however says that the probe by the House Committee has been a learning process for the central bank, promising that action will be taken on key areas.

The Committee chairperson Abdul Katuntu has appreciated the governor and his team for committing time during the one month interface.

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