By Frank Kamuntu
The latest from our State House sources indicate that HE Yoweri Kaguta Museveni has appointed Michael Atingi-Ego as a full Governor of the Bank of Uganda. At the same time, Augustus Nuwagaba has been named the new Deputy Governor.
Atingi-Ego has previously been serving as the Deputy Governor of the Bank of Uganda.
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The Governor of the Bank of Uganda plays a critical role in the country’s financial and economic stability. Some of their key responsibilities include:
1. Monetary Policy Implementation
- Oversees the formulation and execution of monetary policies to control inflation and stabilize the economy.
- Adjusts interest rates and money supply to ensure price stability.
2. Currency Issuance and Management
- Regulates the printing and circulation of the Ugandan shilling.
- Ensures the security and integrity of the national currency.
3. Regulation and Supervision of Banks
- Ensures that commercial banks and other financial institutions operate within set guidelines.
- Enforces banking laws to maintain financial stability and consumer protection.
4. Managing Foreign Reserves and Exchange Rates
- Oversees Uganda’s foreign exchange reserves and stabilizes exchange rates.
- Implements policies to protect the value of the Ugandan shilling.
5. Government Banker and Debt Manager
- Acts as the banker for the government, managing accounts and transactions.
- Oversees the issuance and repayment of government debt.
6. Promoting Financial Inclusion and Stability
- Develops policies to improve access to banking services, especially in rural areas.
- Ensures that financial institutions remain stable and resilient.
7. Representing Uganda in International Financial Affairs
- Engages with global financial institutions such as the IMF and World Bank.
- Negotiates and advises on international financial agreements.
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