The Parliamentary appointments committee chaired by speaker Kadaga has vetted and approved Prof. Emmanuel Tumusiime Mutebile as the governor bank of Uganda for the next five years, after he was re-appointed by
President Museveni for the fifth term. According to Sources which attended the meeting, the committee approved Mutebile after serious grilling for having assisted the ruling NRM party with large sums of money from the Treasury to fund the party’s electioneering activities.
However in response, he said that he has never been used by the politicians to print more money, adding that the Bank has suspended printing of money during elections fearing that such money would end up facilitating political campaigns. When asked what he was doing to control the increasing commercial Bank rates, Mutebile said, the high lending rates are determined by the forces of demand.
Mutebile was first appointed as the Central Bank governor on January 1, 2001 but was re-appointed for a second five-year term on January 1, 2006. In November 2010, he was re-appointed for a third five-year term, running up to January 12th, 2016.