The Bank of Uganda
(BOU) is the Central Bank
of the Republic of Uganda
. Established in 1966, by Act of Parliament, BOU is 100% owned by the Government of Uganda
, but is not a government department.
Organization and Governance
The Board of Directors
of the Bank of Uganda is the supreme policy making body of the Bank
. It is chaired by the Governor
and in his/her absence by the Deputy Governor
. The duties and powers of the Board
are provided for under the "Bank of Uganda Act". This Act bestows upon the Board the responsibility for the general management of the affairs of the Bank. The Board formulates Bank policies and ensures that anything required to be done by the Bank under the statute as well as anything else that is within or incidental to the functioning of the Bank is carried out.
The President of Uganda
appoints both the Governor of the Bank and the Deputy Governor, on the advice of the Cabinet
for five-year renewable terms. Other members of the Board (not less than four (4), and not more than six (6), are appointed by the Minister of Finance
for three-year renewable terms. The Secretary to the Treasury is an ex-officio member of the Board
In the process of fulfilling the Bank's mission, the Bank
carries out the following functions:
- Issue Uganda's national currency/legal tender, the Uganda Shilling (UGX)
- Regulate money supply using monetary policy
- Act as Banker to the Government of Uganda
- Act as......