Central Bank of Uganda.
161. The central bank.
(1) The Bank of Uganda shall be the central bank of Uganda and it
shall be the only authority to issue the currency of Uganda.
(2) The authority of the Bank of Uganda shall vest in a board which
shall consist of a governor, a deputy governor and not more than five other
members.
(3) The governor, the deputy governor and all other members of the
board shall—
(a) be appointed by the President with the approval of Parliament;
(b) hold office for a term of five years but shall be eligible for
reappointment.
(4) The office of governor and deputy governor shall each be a public
office, and the governor and deputy governor shall respectively be
chairperson and deputy chairperson of the board.
(5) The governor, the deputy governor or any other member of the
board may be removed from office by the President only for—
(a) inability to perform the functions of his or her office arising from
infirmity of body or mind;
(b) misbehaviour or misconduct; or
(c) incompetence.
162. Functions of the bank.
(1)
(a)
(b)
(c)
(d)
The Bank of Uganda shall—
promote and maintain the stability of the value of the currency of
Uganda;
regulate the currency system in the interest of the economic
progress of Uganda;
encourage and promote economic development and the efficient
utilisation of the resources of Uganda through effective and
efficient operation of a banking and credit system; and
do all such other things not inconsistent with this article as may
be prescribed by law.