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MPs start move to amend BoU Act today

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MPs will this afternoon debate a motion seeking to amend the BoU Act.

Key among the proposed amendments to the BoU Act is a clause to trim the powers of the Governor and Deputy Governor.

World Bank last year demanded that the BoU Act be amended to reduce the powers of the Governor and Deputy Governor.

Some other reforms were also proposed by Parliament’s Committee on Commissions, Statutory Authorities and State Enterprises (Cosase).

The Committee faulted Bank of Uganda officials over the closure of seven banks, including Crane Bank which was the largest commercial banks then.

Debate on the proposed BoU Act will re-ignite calls by the World Bank to punish BoU officials over the closure of Crane Bank

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