Bank of Uganda
| Headquarters | Kampala, Uganda |
|---|---|
| Governor | Emmanuel Tumusiime Mutebile |
| Central bank of | Uganda |
| Currency |
Uganda shilling UGX (ISO 4217) |
| Reserves | US$2.97 billion (UGX:9.9 trillion) (June 2016) |
| Website | Official site |
The Bank of Uganda (Swahili: Benki Kuu ya Uganda) is the central bank of Uganda. Established in 1966, by Act of Parliament, the bank is wholly owned by the government but is not a government department.
The board of directors of the Bank of Uganda is the bank's supreme policy making body. It is chaired by the governor or, in his or her absence, by the deputy governor.
The duties and powers of the board are specified by the Bank of Uganda Act. This Act makes the board responsible for the general management of the affairs of the bank. The board formulates policy and ensures that anything required to be done by the bank under the statute as well as anything else that is within or incidental to the functioning of the bank is carried out.
The president of Uganda appoints both the governor and the deputy governor, on the advice of the cabinet, for five-year renewable terms. Other members of the board (not fewer than four and not more than six) are appointed by the minister of finance for three-year renewable terms. The secretary to the treasury is an ex-officio member of the board.
The governor is Emmanuel Tumusiime-Mutebile and the deputy governor is Louis Kasekende.
The central bank maintains branches and currency centers in various locations around the country, whose purpose is to store, process and monitor the supply of currency to the government and private financial institutions in the surrounding cities, towns, and villages.
The bank actively promotes the policy of financial inclusion and is a member of the Alliance for Financial Inclusion.
The bank is also one of the original 17 regulatory institutions to make specific national commitments to financial inclusion under The Maya Declaration during the AFI Global Policy Forum held in Riviera Maya, Mexico in 2011.
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Wikipedia