Meet the central bank that lost US$545 million, vexing lawmakers [Business News Network (BNN) Energy & Resources (Canada)]
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Source: Business News Network
Meet the central bank that lost US$545 million, vexing lawmakers The Bank of Uganda has been making losses for most of the past 15 years and lawmakers in East Africa’s third-biggest economy are getting anxious about its ability to execute its mandate. BoU lost a total two trillion shillings (US$545 million) during the period and only turned in a profit in 2007, when it made 40 billion shillings, Finance State Minister David Bahati told parliament on Thursday, raising the ire of some lawmakers. “Can the minister brief the country the circumstances under which the bank made the losses yet it trades in securities,” Richard Othieno, a member of parliament with the ruling National Resistance Movement party, demanded in parliament. While central banks invest in securities to raise revenue for national coffers, market unpredictability and volatility put them at risk of loss, parliament said in a statement, without giving detail on the type of losses for the wholly state-owned bank. “The bank
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