Disregard Rumours: All Banknotes Bearing Pro. Mutebile’s Signature Are Still Legal Tender – BoU Breaks Silence

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Bank of Uganda (BoU) has trashed information circulating on different media platforms claiming that the banknotes bearing the signature of the Late Prof. Emmanuel Tumusiime-Mutebile, the former Governor, expired or shall soon expire and cease to be legal tender.

According to the statement issued by the Central Bank, the information circulating is false and the demise of Prof. Emmanuel Mutebile Tumusiime, the late Governor of Bank of Uganda doesn’t affect banknotes bearing his signature.

“The change of the office bearer or the demise of the person who signed banknotes as Governor does not in any way affect the validity or legal status of the banknotes he or she signed,” a statement from the bank reads.

The bank urged the public to disregard the false information that is circulating on different platforms claiming that the banknotes bearing the signature of the former Governor expired upon his demise.

Below is a full statement: 

Kampala, February 2, 2022 – Bank of Uganda (BoU) has noted, with concern, the false information circulating on different media platforms claiming that the banknotes bearing the signature of the Late Prof. Emmanuel Tumusiime-Mutebile, the former Governor, expired or shall soon expire and cease to be legal tender.

The BoU hereby clarifies as follows:

  1. The change of the office bearer or the demise of the person who signed on banknotes as Governor does not in any way affect the validity or legal status of the banknotes that he/she signed.
  2. The design, features, and characteristics of the currency banknotes, include, among other things, the signature of the Governor.
  3. The current banknotes remain legal tender until they are determined otherwise by the Bank of Uganda, which is the ONLY lawful authority entrusted with the mandate to issue currency banknotes.

The public is advised to disregard the false information that is circulating on different media platforms claiming that the banknotes bearing the signature of the former Governor expired upon his demise.

All the denominations of the banknotes issued by the BoU and bearing the signature of the former Governor remain legal tender and can be used to carry out cash transactions, settle financial obligations, and give monetary value.

For more information contact the Director, Communications Department, on 0414 258441/6 or info@bou.or.ug

Prof. Mutebile, a seasoned professional economist served as the Central Bank Governor and Chairman of the Board of Directors since 2001. He met his death on January 23, shortly after starting a new term of office for which he was reappointed in 2021.

A seasoned professional economist and reformer, he spearheaded the design and implementation of the Economic Reform Program that restored Uganda from the economic crises of the 1970s and 1980s to sound economic performance during his service as the Permanent Secretary/Secretary to the Treasury in the ministry responsible for finance, planning, and economic development.

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