Only Museveni can sack me - Mutebile
Mar 02, 2012
BoU governor Emmanuel Mutebile says he is determined to serve out his full tenure of office.
By Samuel Sanya
Embattled Bank of Uganda (BoU) governor, Emmanuel Mutebile has come out clear saying he is determined to serve out his full tenure of office and urged the markets to remain calm.
The Central Bank chief is under intense pressure to resign after the parliamentary Public Accounts Committee (PAC) recommended his sacking over the Hassan Basajjabalaba compensation scandal.
"I can assure you that I am here for the long haul. There is nothing that will get me out of this seat except, maybe God. The market should not be worried because of the rumblings in Parliament," Mutebile told a fully packed press conference.
The Governor explained that only President Museveni has the constitutional mandate to unseat him. Even then, the Constitution restricts his hand to cases of insanity, dishonesty and failure to deliver of which Mutebile claimed innocence.
"There is no case for the President to get rid of me, so please, tell the markets to be calm. I have done nothing that will bring these reasons [those for dismissal]," he noted.
The executive and cabinet sub-committee has already exonerated the governor of any wrong doing in the sh142b compensation blip, that notwithstanding, the issue is destined for Parliament consideration on Tuesday next week.
The Basajabalaba compensation saga has so far left only the businessman unscathed, with the axe falling on former finance minister Syda Bbumba and ex-attorney general Khiddu Makubuya for their part.
The governor expressed optimism at the recent fall in inflation to 25.4% from 25.7% at the end of February, adding that the trend should continue in the coming months when inflation rate tumbles down to single digits.
The Central Bank benchmark rate was thereby reduced to 21% for March, a reduction from 22% for February as Bank of Uganda eases on its monetary policy.
Analysts expect the Central Bank to continue easing its monetary policy going forward with commercial banks following closely behind by lowering interest rates on loans.