Eyewitness  News
  • Home
Monday, February 6, 2023
  • Home
  • Diplomacy
  • ECONOMY
  • Agriculture
  • Faith
  • Security
  • Tourism
  • International
  • Latest News
No Result
View All Result
  • Home
  • Diplomacy
  • ECONOMY
  • Agriculture
  • Faith
  • Security
  • Tourism
  • International
  • Latest News
No Result
View All Result
Eyewitness  News
No Result
View All Result
  • Home
  • Diplomacy
  • ECONOMY
  • Agriculture
  • Faith
  • Security
  • Tourism
  • International
  • Latest News
Home ECONOMY

BoU Rallies MPs to Support the Proposed Amendments in the Bank of Uganda Act of 2000

December 11, 2021
in ECONOMY
Reading Time: 2 mins read
0
Share on FacebookShare on Twitter

BoU Rallies MPs to Support the Proposed Amendments in the Bank of Uganda Act of 2000

The Bank of Uganda has rallied members of parliament to support the proposed amendments in the Bank of Uganda Act of 2000 which is soon going to be tabled before parliament, seeking to harmonize leadership issues.

BoU officials noted that the Act is unconstitutional and too old to regulate the modern banking sector.

The executive director supervision of the Bank of Uganda Twinemanzi Tumumbweine told members of parliament that the banking sector is growing rapidly but the speed at which amendments of banking laws to align them with the banking trends is still very slow. He emphasized that the current banking laws are too old to regulate the current banking sector but their amendments take ages.

The central bank beseeched parliament to give special attention to financial legislation by adopting formula used in taxation laws which are amended every financial year during the budget cycle.

During a sensitization workshop for members of parliament on the mandate of the Bank of Uganda,BoU disclosed that it’s in the final touches of amending the Bank of Uganda Act of 2000 to rectify management issues of the central bank.  This was after establishing ambiguities in the act which contravenes with provisions of the 1995 constitution.

The act provides for four board of directors, appointed by the line minister contrary to article 161 of the constitution which provides for five directors appointed by the president.

As parliament goes on to consider petroleum project bills to streamline the oil production sector after passing the East African Crude Oil Pipeline Project bill of 2021, the bank of Uganda has warned that Uganda’s oil is likely to become a curse if the laws being made don’t put in place strict regulations of expenditure of Oil revenue.

The central bank has also called on legislators to enact laws to provide quick dispute resolution mechanisms,  saying over 4 trillion shillings are tied up in unresolved cases in courts of law which has frustrated economic development.

 

 

 

 

Previous Post

Karamoja MPs- Petition Parliament Over -Insecurity in The Region

Next Post

Ministry of Health Orders Striking Medical Interns to Vacate Hospitals

Related Posts

Gov’t Tables 49.9 Trillion Budget Framework Paper
ECONOMY

Gov’t Tables 49.9 Trillion Budget Framework Paper For 2023/2024

December 24, 2022
0

The government has tabled the national budget framework paper totaling Shs49.9 trillion for the 2023/2024 financial year. The document was...

Read more
Min. Kasaija Renews Hope for South Sudan Claimants.

Min. Kasaija Renews Hope for South Sudan Claimants.

November 4, 2022
Parliament Clears Govt To Borrow Shs1.73tn

Parliament Clears Govt To Borrow Shs1.73tn

November 4, 2022
Uganda to Shift Trade Route To TZ as Kenya Heads For Polls

Govt Requests To Borrow 1.73TN For Budget Support

October 31, 2022
KACITA Petitions Parliament over Bad Economic Situation

KACITA Petitions Parliament over Bad Economic Situation

September 28, 2022
MPs Support UBOS Proposal to Halt its Full Rollout

MPs Support UBOS Proposal to Halt its Full Rollout

July 27, 2022
Next Post
Ministry of Health Orders Striking  Medical  Interns to Vacate Hospitals

Ministry of Health Orders Striking Medical Interns to Vacate Hospitals

MPs interfacing with officials from UNRA

The Fate of Presidential Directives on Roads 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
UWOPA Launches Five-Year Strategic Plan

UWOPA Launches Five-Year Strategic Plan

February 6, 2023
Speaker Among Rallies  MPs To Save

Speaker Among Rallies  MPs To Save

February 4, 2023
Provide Pro-Bono Services To Girls MP-Urges Judiciary

Provide Pro-Bono Services To Girls MP-Urges Judiciary

February 2, 2023
Delivery of Essential Medicines Resumes

Delivery of Essential Medicines Resumes

February 2, 2023

Recent News

UWOPA Launches Five-Year Strategic Plan

UWOPA Launches Five-Year Strategic Plan

February 6, 2023
Speaker Among Rallies  MPs To Save

Speaker Among Rallies  MPs To Save

February 4, 2023
Provide Pro-Bono Services To Girls MP-Urges Judiciary

Provide Pro-Bono Services To Girls MP-Urges Judiciary

February 2, 2023
Delivery of Essential Medicines Resumes

Delivery of Essential Medicines Resumes

February 2, 2023

Eyewitnessug.com is Licensed by Uganda Communications Commission (UCC) Under Dominion Media Limited.

Dominion Media Limited is registered by Uganda Revenue Authority.

For Advertisement Reach out to Marketing Department via.
Email: [email protected]

Contact us through our Postal Address.
P.O.BOX 21157 Kampala-Uganda.

Browse by Category

  • Agiriculture
  • Agriculture
  • Business
  • Development
  • Diplomacy
  • ECONOMY
  • Editor's Pick
  • Education
  • Entertainment & Arts
  • Enviroment
  • Faith
  • Feature News
  • Governance
  • Health
  • International
  • Latest News
  • obituary
  • Opinion
  • Politics
  • Politics
  • Security
  • Social
  • Sports
  • Technology
  • Tourism

Recent News

UWOPA Launches Five-Year Strategic Plan

UWOPA Launches Five-Year Strategic Plan

February 6, 2023
Speaker Among Rallies  MPs To Save

Speaker Among Rallies  MPs To Save

February 4, 2023
  • Home

© 2021 Allrights Reserved EYEWITNESS NEWS UGANDA

No Result
View All Result
  • Home
  • Diplomacy
  • ECONOMY
  • Agriculture
  • Faith
  • Security
  • Tourism
  • International
  • Latest News

© 2021 Allrights Reserved EYEWITNESS NEWS UGANDA

error: Content is protected !!