By Leonard Kamugisha Akida,
NATIONAL
The central bank of Uganda (BoU) has explained the legality of the banknotes in circulation bearing the signature of the bank’s deputy governor, Michael Atingi-Ego.
“The public is hereby advised that BoU has issued into circulation banknotes, in the various denominations, that bear the signature of the Deputy Governor Mr. Michael Atingi-Ego and the year of print-2022,” BoU said in a statement.
According to the Bank, the issuance of banknotes bearing Atingi-Ego’s signature does not affect the legal status of banknotes already in circulation bearing signature of the late Governor Prof. Emmanuel T Mutebile.
The bank says that the banknotes signed by the late Mutebile signature are associated with the earlier years of print which does not affect its status urging the public to continue using both banknotes.
“These banknotes will continue to be issued in circulation alongside those bearing the signature of the Deputy Governor. The public is therefore advised to continue using all the banknotes in circulation to make and/or receive payments,” BoU said
According to the Bank of Uganda Act, BoU has the sole right to print, mint, issue or destroy banknotes and coins in Uganda.
In performing its role as the Issuer of the national currency, Bank of Uganda (BoU) periodically prints and re-prints Uganda Shilling banknotes to meet the country’s cash requirements.
The Act also provides that Uganda Shilling banknotes issued by BoU shall bear the signatures of the Governor and the Bank Secretary. In the absence of the Governor, the Deputy Governor may sign in his or her place.
It should be recalled that the former Governor Prof. Emmanuel Tumusiime Mutebile passed on 23rd January, 2022 and since then, the president has not appointed another Governor to replace him. This gives legal rights to the Deputy Governor Micheal Atingi-Ego to sign on the banknotes in the absence of the Governor.
BoU says it is committed to maintaining the integrity of Uganda’s currency notes and coins.
