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Vol 55 No 25

Published 19th December 2014


Central bank cracks whip

Museveni is looking for ways of financing his 2016 election campaign and officials are reluctant to print money

A rift between President Yoweri Museveni and the Governor of the Bank of Uganda, Emmanuel Tumusiime-Mutebile, is rapidly widening. The Governor recently revealed that during the 2011 presidential election, the government had approached the BOU for large sums of money to finance a supplementary budget. It obliged but then, he said, the money was 'used for electioneering' which then plunged 'the economy into chaos'. Mutebile has now promised that will not happen again. The next presidential and general elections are due in the first two months of 2016.

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