Bank customers have been concerned about the safety of Commercial - TopicsExpress

Bank customers have been concerned about the safety of Commercial Banks since there is an allegation that BOU is facing bankruptcy caused by poor financial management and that, it doesn’t have adequate reserves to maintain exchange rate stability in the event of shocks to the economy. For clarity, it should be understood that the Bank of Uganda’s primary function is to formulate and implement monetary and supervisory policies aimed at achieving and maintaining price stability and ensuring a sound financial system. BOU is a banker to the government and to the commercial banks, the Bank of Uganda issues currency notes and coins, ensures safe and efficient payment systems and acts as lender of last resort to Commercial Banks. The Bank also issues treasury bills and bonds on behalf of the government and manages the country’s foreign exchange reserves. It is common knowledge that since the global financial crisis in 2008, the bank’s earnings on investment of foreign reserves assets in the international financial markets have fallen substantially owing to a decline in interest rates on these assets from about 5.24 per cent in 2005-2007 to 0.7 per cent in 2010-2012. The abnormally low interest rates have adversely affected the bank’s income, given that its major income source continues to be interest earned on foreign reserves and foreign exchange trading. It should be noted that the foreign exchange reserves are a form of national precautionary saving and BoU minimises risks rather than maximise returns. BoU’s foreign exchange reserves are very healthy, currently amounting to a historical high of $3 billion. It is also worth noting that the BoU Act provides for recapitalisation by the government in the event of impaired capital. The Act also provides for sharing of net profits or losses between the bank and the government. The bank is undertaking measures to improve on its income stream in line with the evolving global financial market dynamics, and seeking higher efficiency in its operations. So no need to worry, Commercial Banks are now safer than before. Okello Milton Assistant Manager Crane Bank- Mukono branch.

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