The governor of bank of Uganda, Emmanuel Mutebile has revealed tojournalists that the country’s reserves are healthy with a tune of 500 million US dollars which can last the country for four months.

bank of Uganda Governor, Emmanuel Tumusiime Mutebile

Mutebile reveals this following yesterday’s media report that ran a story citing how Mutebile and president Museveni clashed over the president’s hash decision to dip a hand into the country’s reserves and get over 1.7 trillion shillings to buy fighter jets.

Responding to the story today, the governor confirmed to the media that the country’s reserves are fine with US$500 million, challenging all those he referred to as speculators not to think that Uganda’s economy in shambles.

Meanwhile, Mutebile also revealed that yesterday, in a bid to save the shilling from depreciating against foreign currencies, bank of Uganda intervened, injecting US$ 20 million on the market as one of their strategies and confirms that they will continue to intervene to save the worrying situation of the Uganda shilling losing value against the US doalr.

The Uganda shillings is currently selling and buying at above 2,400 to one US dollar, the lowest the local currency has been in memorable time.

By Isaac Senabulya