Bank of Uganda does not have a Dormant Account in a German Bank

KAMPALA, 11 May 2021 - An article that was published in the New Vision newspaper of Monday, 10 May 2021, titled 'BoU has UGX144b in German bank dormant account - report', was incorrect. The article also asserted that the Bank of Uganda (BoU) made payments from Government of Uganda accounts that had insufficient funds, which was misleading.

As banker to the Government, BoU opened an account in a German bank to receive the proceeds from the sale of Deutsche Entwicklungs Gesellschaft (DEG)'s shares in DFCU Bank in 2003. With authorization from the Accountant General, the account was closed in February 2015, and the funds were transferred to the Uganda Consolidated Fund. So, it is incorrect to say that BoU has funds in a dormant account with a German bank.

Further, the payments from Government accounts with insufficient funds noted in June 2014 were swiftly reconciled by August 2014. Indeed, the Ministry of Finance, Planning and Economic Development refunded the overdrawn amounts shortly after the incident was resolved in August 2014.

BoU is pleased to clarify matters related to the delivery of its statutory functions and mandate of fostering price stability and a sound financial system.

Charity Mugumya

Director Communications