Members of Parliament have resolved to summon officials from the Ministry of Finance, Planning, and Economic Development (MoFPED), the Central Bank--the overall custodian of the country's currency--and the Financial Intelligence Authority (FIA), responsible for monitoring anti-money laundering, to explain the circumstances under which the country lost Shs 62 billion in an alleged money heist scam.
Last week, the government, during a plenary session, confirmed the incident but disputed the alleged figures as untrue.
State Minister for Finance Henry Musasizi denied media reports claiming that close to Shs62 billion was stolen but declined to disclose the exact figures, promising instead to brief Parliament soon.
During a breakfast meeting with SEATIN Uganda, Members of Parliament vowed to investigate the matter before the Ministry of Finance and security agencies conclude their inquiries.
"We are going to summon them, especially the Ministry of Finance. We are also going to summon the Financial Intelligence Authority and then the Central Bank so they can give us an explanation on the gravity of this matter," stated Aleper Moses, MP for Cwekwii County.
"If the Ugandan currency can disappear, what of the foreign reserves we are supposed to keep in the Central Bank? If what we see can disappear, now think about what we don't see," said Maurice Kibalya, MP for Bugabula South.
"It is just that the government is playing ping pong--they know what is happening. No Ugandan is stupid to the extent of believing that, of all places, money can disappear from the Central Bank. Money was taken, officially and directly, but they are just hiding behind the theft."
"This incident has happened within the financial system--the Shs500m fake notes, the Shs62bn. Many people will now rush to the banks to withdraw their cash because of such incidents. If they do, what happens? Remember, commercial banks use deposits when lending," explained Joseph Ahaisibwe, a senior economist.
If people withdraw their cash, deposits reduce. When deposits reduce, the funds available to commercial banks for lending decrease. As demand increases, the cost of borrowing will inevitably rise."
