Central Bank explains currency movement

By Admin

Bank of Uganda says it is normal practice to transfer currency in different areas of Uganda.

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The Central Bank has explained the currency movement around the country.

Below is the statement in full:

Bank of Uganda (BoU) undertakes movement of currency across its nine (9) Branches (including Kampala) as part of its constitutional mandate of "regulating the currency system in the interest of the economic progress of Uganda".

In line with that constitutional obligation, the BoU undertakes necessary logistical arrangements to deliver sufficient quantities of currency to ensure that Uganda's largely cash-based economy runs seamlessly.

In June 2019, there were standard stock movements between Kampala and the upcountry currency branches including Masaka that have rather, unfortunately, become a subject of speculation.

BoU as part of its currency processing cycle moves currency stock within the Branch network to optimize vault space in its currency stations and meet the currency demand across the country. Therefore, the movement of stock between Kampala and the upcountry Branches in June 2019 was part of the BoU's normal currency operations. 

Furthermore, following the handover of the new building on Katwe Road, Masaka where the new BoU Branch is located, all the Centre's operations shifted from the Old Branch Office on Kampala Road, Masaka.

For more information please contact Director Communications on 0414258441 or info@bou.or.ug