BOU defends Shilling support measures

BOU deputy governor Prof. Augustus Nuwagaba has cautioned Members of Parliament (MPs) against presenting themselves as experts in monetary policy during their parliament sittings, arguing that political decisions alone cannot resolve the country’s external account challenges. “You cannot fix the current account by voting. If the problem is solved, we shall see where your expertise has gone. So, don’t claim that you are now experts in monetary policy. Let the experts do their thing,” he said.

The Uganda shilling has lost over 18% of its value this year, sinking to a historic low of sh4,500 per dollar recently despite the central bank’s biggest interest-rate increase in 15 years.