By Chris Mugasha
BUSHENYI: The Deputy Governor of the Central Bank of Uganda Prof. Augustus Nuwagaba has called upon the clergy/religious leaders and Financial Institutions to lead the campaign of sensitizing Ugandans to stop the habit of disrespecting Uganda’s currency notes.
Nuwagaba said many Ugandans have a tendency of folding money especially whenever they are giving offertories in church on Sundays.
He wondered why people fold, squeeze and hide what they are giving to God.
“What are you hiding from God? What are you hiding in church? By you hiding what you are giving to God, it means there are many things which you hide,” Nuwagaba said.
Nuwagaba was on Friday leading a team of top officials from the Bank of Uganda who held a two days- open dialogue/discussions with the public and stakeholders of Bushenyi district at the District multi-purpose hall in Bushenyi town.
He called upon Christians to always pull out money for offertory straight instead of folding it before they drop it on ntemere.
Why should you not fold the money?
The Deputy Governor said the Central Bank spends a lot of money in dollars to print the money that should replace the poor handled currencies/notes in circulation. He attributed this to carelessness by some Ugandans. “The money that we spend on printing new notes to replace the old ones would be going to something else that contributes to our economy,” Nuwagaba noted. He also advised Ugandans to go to digital transactions so that the huge amounts of money that the country spends on printing money goes to something else that supports and boosts the economy. The Diocesan Secretary of West Ankole Ven. Rev Joseph Mweyungye hailed Nuwagaba for coming out to share with people about such a practice of folding/squeezing what one is going to offer to God.
He highlighted the Central Bank’s major achievement as stabilizing the economy especially the prices for commodities. “At some point in 1980s, Uganda’s inflation was at 161% but the central bank has since then intervened to bring it to 3.5%” the Deputy Governor explained.
Nuwagaba an international consultant on economic transformation attributed this stabilization to President Yoweri Museveni whom he credited for the sustained peace and security in the Country.
“There is no economic activity that can take place in an environment that is chaotic and if you want to know it, go to countries like Somalia or Southern Sudan,” he noted.
Urging the people of Bushenyi to engage in income generating activities, Nuwagaba commended the people of Greater Bushenyi for always leading the way especially in the social and economic aspects.
Both the Bushenyi district chairman Jaffari Bassajjabalaba and the Resident District Commissioner Emmy Ngabirano commended the Central Bank for choosing to take the Bank to people and talking to people.
Ngabirano however told Nuwagaba that the gap between the rich and the poor still exists noting that through government interventions like Parish Development Model (PDM) it will be addressed.
The participants petitioned the Central Bank to handle commercial banks, SACCOs and money lenders who charge exorbitant interest rates on loans. The Central Bank advised people to always report financial institutions that engage in exploiting the people. End.
