oil drilling in western Uganda

With Uganda yet to starting drilling and selling oil with the government ready to bag more revenue to increase the country’s resource envelope, the governor of the central bank Emmanuel Mutebile is advising the government to invest oil revenue in activities that will generate revenue in future.

According to Mutebile, oil is one of those resources that gets finished and if the revenue collected from the resource is not fully put proper use then the country is likely to go to scratches and asking for donation.

Mutebile also tasks govt not to keep oil money in foreign countries sayingit should be kept in Uganda since we are still a developing country which can call for its money in case we need it.

However, he reveals that the central bank is currently in discussions with government on how to finance govt expenditure which will see the bank go to the reserves to finance the budget a thing which was last done in 1992.

Ultimate Media

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bank of Uganda Governor, Emmanuel Tumusiime Mutebile

Mutebile reveals this following yesterday’s media report that ran a story citing how Mutebile and president Museveni clashed over the president’s hash decision to dip a hand into the country’s reserves and get over 1.7 trillion shillings to buy fighter jets.

Responding to the story today, the governor confirmed to the media that the country’s reserves are fine with US$500 million, challenging all those he referred to as speculators not to think that Uganda’s economy in shambles.

Meanwhile, Mutebile also revealed that yesterday, in a bid to save the shilling from depreciating against foreign currencies, bank of Uganda intervened, injecting US$ 20 million on the market as one of their strategies and confirms that they will continue to intervene to save the worrying situation of the Uganda shilling losing value against the US doalr.

The Uganda shillings is currently selling and buying at above 2,400 to one US dollar, the lowest the local currency has been in memorable time.

By Isaac Senabulya

The post BOU governor Mutebile assures Ugandans on reserves, currency market first appeared on Uganda Multimedia News & Information.

Emmanuel Tumusiime Mutebile

He says through the financial services they provide, financial institutions can play an important role in the development of Uganda.

He was speaking in Tuesday after Parliament approved the extension of his appointment ad=s Governor of Bank of Uganda for another five years to 2015.

Members on the Parliamentary Appointments Committee headed by Speaker Edward Sekandi said they were impressed by Mutebile’s achievements as governor.

MPs said they are particular happy about the macroeconomic stability and sound management of foreign exchange as well management of commercial banks under Mutebile’s leadership.

Weinformers Media

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