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Home / Business / Bank of Uganda Suspends Staff Over Theft of Old Banknotes

Bank of Uganda Suspends Staff Over Theft of Old Banknotes

The central bank has been conducting an investigation after an official at the branch was caught red handed on a security video camera stealing money.

“All staff, from the sweeper to the branch manager have been shown the exit,” said a source on Wednesday evening. “BOU conducted a long and in-depth probe into the theft after being alerted by internal security and has now decided to act.”

It is understood that large sums of money which were worn out and supposed to be punched were instead stolen from the strong room. As of Thursday, BoU had deployed more security at the currency Centre.The development comes at a time the central bank is recovering from the Parliament probe that exposed its weaknesses in supervision and later, transportation of bank notes.The central bank’s communications director, Charity Mugumya was not readily available for comment when we called her today evening.

Every year, millions of banknotes are printed in order to replace bills which are always removed from circulation. If a bill is deemed unfit to be put back into circulation, it is sent to a shredder.Mbale staff stole old banknotes which were being kept at their branch strong room awaiting shredding. Deputy Governor Louis Kasekende recently told Masaka residents that the Central Bank intended to “cooperate with all arms of the state to fully investigate any breach of its operating procedures, either by the staff or procured partners.”

Speaking during the Central Bank’s Town Hall meeting, Kasekende said BoU also wanted to use the ongoing investigations, to make a cleanup of its processes.“The outcomes of these investigations shall be used to re-assess and further buttress our processes whose unquestionable integrity is central to the successful pursuit of BOU’s core mandate,” he said.

Following the shipment of the illegal consignment on a Bank of Uganda chattered plane, officials of the bank were been charged with corruption and abuse of office.

src: chimpreports

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