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Police Investigations Will Help Us Plug Loopholes – BOU’s Kasekende

Bank of Uganda’s Deputy Governor, Louis Kasekende has reiterated the bank’s commitment to give maximum cooperation to the government security agencies currently investigating the consignment that was in April shipped into Uganda along with newly printed currency notes.

Kasekende told Masaka residents on Thursday that the Central Bank intended to “cooperate with all arms of the state to fully investigate any breach of its operating procedures, either by the staff or procured partners.”

Speaking during the Central Bank’s Town Hall meeting in Masaka Town, the Deputy Governor added that the Central Bank also wants to use the ongoing investigations, to make a cleanup of its processes.

“The outcomes of these investigations shall be used to re-assess and further buttress our processes whose unquestionable integrity is central to the successful pursuit of BOU’s core mandate,” he said.

Following the shipment of the illegal consignment on a Bank of Uganda chattered plane, officials of the bank have since been charged with corruption and abuse of office.

Francis Kakeeto, the Assistant Director Mbale Currency Centre and Fred Wanyama, who have since been granted bail, were accused at the Anti-Corruption Court of allowing inclusion of unauthorized cargo on a plane chartered by the Central Bank, and also corruptly neglecting to perform their duty when they failed to refute or report the inclusion of unauthorized cargo on the plane.

Mr Kasekende acknowledged during the Town Hall meeting that the scandal had dented the Central Bank’s public image, but noted that measures to avoid instances like this have been in existence at the bank.

“Currency printing like many of the work processes in the Bank of Uganda, is subject to very rigorous processes with inbuilt controls for checks and balances,” he said.

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“Those deliberate checks at various levels including the Currency Policy Committee headed by Governor himself, coupled with a strong and independent audit function, have overtime been robust enough to maintain the integrity of our currency operations.”

And while he restrained himself from discussing merits of the matter which is in court, Kasekende reiterated Governor Tumusiime Mutebile’s message, “that there was no extra currency printed outside the amounts that he approved through the requisite processes.”

Meanwhile, at the Town Hall meeting, Kasekende announced that construction of Bank of Uganda’s new Currency Center in Masaka Town has been completed.

The new structure, he said, will soon be officially commissioned by President Yoweri Museveni.

“This magnificent new currency centre shall have the requisite capacity to serve the increasing and future demands of this economic hub,” he said.

“I also believe, the new currency centre building adds to the skyline of this historic town and is befitting of a modern city, as Masaka Municipality aspires and duly deserves.

 

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