Uganda cbank governor denies lack of forex

- Central Banking staff
- 27 Jan 2001

Text of report by Ugandan radio on 27 January

The governor, Bank of Uganda, has dispelled rumours that the Ugandan economy lacks foreign exchange required to stabilize the shilling. He was launching the Uganda Forex Bureau Operators Association. He said the Central Bank will continue use its reserve to ensure stability. He said the speculators in the foreign exchange market will be severely dealt with. He expressed optimism that the (?new) association will help enforce discipline in the market. The chairperson of the association, Stephen Mwanje [phonetic], said the major problem in business is outdated denominations which are always rejected by the customers.

Source: Radio Uganda, Kampala, in English 1900 gmt 27 Jan 01.

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