Financial sector is stable, Bank of Uganda says

The Central Bank released a statement on Monday disputing social media rumours on the state of the financial sector.

There has been a lot of worry and speculation about the financial sector following Bank of Uganda’s takeover of Crane Bank last Thursday.

Signed by the bank’s director of communications, Christine Alupo, the statement says “the financial sector as a whole is stable, sound and resilient.”

The statement is republished below.

Financial Sector Stable and Resilient

Following Bank of Uganda’s takeover of management and control of Crane Bank Ltd on October 20, 2016, there have been false and malicious rumours circulating on social media platforms regarding the state of the financial sector as a whole.

The Bank of Uganda hereby dispels all those rumours and reaffirms that the financial sector as a whole is stable, sound and resilient.

The public is hereby advised to continue conducting their banking business without panic. Should anyone have any inquiries on Crane Bank Ltd, in particular, and the health of the financial sector in general, please contact the Director Communications through the following channels:

Christine Alupo, Director Communications

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