{UAH} Mutebile, government disagree over printing bank note
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7:40 PM |
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Bobby Alcantara,
What do you make of this deal?
A multi-billion currency printing deal to a German firm has put President Museveni, Finance minister Matia Kasaija and other senior government officials against Central Bank Governor, Emmanuel Tumusiime-Mutebile
According to sources, the joint venture between Uganda Printing and Publishing Corporation and a German firm, Veridos Identity Solutions GMBH, signed on June 11, was negotiated amid tacit objections from technocrats in the Ministry of Finance. De La Rue plc, a banknote printing, security printing and papermaking company with headquarters in Basingstoke, Hampshire, England, which has printed Uganda's currency for the last 50 years also voiced its objections.
The Bank of Uganda only came into the picture after the Attorney General cited Article 161 of the 1995 Constitution and Section 20 of the Bank of Uganda Act Cap 51 in a State House meeting of October 7. Mr Byaruhanga insisted that BoU should be informed about the proposed joint venture deal. It was then agreed in that meeting that the AG writes to Finance minister, who would in turn write to the Governor to "update" him on President Museveni's directive and also seek his guidance on the way forward, regarding currency printing. In his response, the Governor and other senior officials in the Ministry of Finance, however, questioned the capacity of Veridos Identity Solutions GMBH which reportedly landed this lucrative contract without the due diligence and advertising.
"With specific reference to the company mentioned in the joint venture, kindly note that Veridos Identity Solutions are not a known banknote/currency printing company and from the publically available information, this company specialises in identity solutions like passport and national identity cards.
The Bank of Uganda only came into the picture after the Attorney General cited Article 161 of the 1995 Constitution and Section 20 of the Bank of Uganda Act Cap 51 in a State House meeting of October 7. Mr Byaruhanga insisted that BoU should be informed about the proposed joint venture deal. It was then agreed in that meeting that the AG writes to Finance minister, who would in turn write to the Governor to "update" him on President Museveni's directive and also seek his guidance on the way forward, regarding currency printing. In his response, the Governor and other senior officials in the Ministry of Finance, however, questioned the capacity of Veridos Identity Solutions GMBH which reportedly landed this lucrative contract without the due diligence and advertising.
"With specific reference to the company mentioned in the joint venture, kindly note that Veridos Identity Solutions are not a known banknote/currency printing company and from the publically available information, this company specialises in identity solutions like passport and national identity cards.
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Peter Simon
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