The Central Bank of Uganda, which is the regulator of all Commercial Banks has been put on spotlight after information leaked more than shs 800bn were lost in unclear circumstances in the year 2019,Spyreports has learnt.
This shocking information was released by the office of the Auditor General, which is responsible for conduction all Audits in Government offices. Insider in Auditor General’s office says they carried out financial performances of all Government Corporations and Entities.
Insiders in the office of Auditor General say on financial performances of Banks, Bank of Uganda, Uganda Development Corporation (UDC) and Uganda Air Cargo made a lot of losses.
“The central bank in particular lost Shs 855 billion last financial year which contrasts sharply with the Shs 424 billion profit they registered in 2018,” Reads Part of the Auditor General’s report.
Last year, Bank of Uganda asked Parliament to approve Shs 484.9billion to enable it recapitalizes its operations, meaning they were running in losses.
Uganda Development Corporation made losses of Shs17 billion.
Uganda Electricity Generation Company, Uganda Property Holding and Civil Aviation Authority registered profits.
According to the report, other companies that recorded losses were Capital Markets Authority (Shs 43 million) and the NEC Tractor Project that lost Shs 380 million.