Kampala, Uganda | URN | The Bank of Uganda (BoU) has clarified on the Deputy Governor’s signature on currency notes, allaying fears that the notes could be fake.
Since last month, pictures of Uganda currency banknotes bearing the signature of Dr Michael Atingi-Ego have been circulating on social media, and some online tabloids suggested that he could have been confirmed substantive governor of the bank of Uganda, “unceremoniously.”
However, the central bank has now confirmed that the signature and the currency banknotes are genuine, and that Atingi-Ego is performing his duties as Deputy Governor.
“All Uganda Shilling banknotes issued by BoU bear the signatures of the Governor and the Bank Secretary. In the absence of the Governor, the Deputy Governor may sign in his or her place,” says the statement from the bank.
Atingi-Ego has been carrying out the roles of Governor since the death of Emmanuel Tumusiime Mutebile in January 2022, including issuing the periodic Monetary Policy Statement that shows the decisions of the bank on the macroeconomic situation of the country.
The statement says periodically printing and reprinting of banknotes is a vital role of the bank to meet the country’s cash requirements.
BoU says the newly printed and issued notes bearing the DG’s signature and 2022 as the year of print are in various denominations, though the 1,000 shilling note is so far the most widely-circulated.
“This does not in any way affect the legal status of banknotes in circulation that bear the late Governor Mutebile’s signature which are associated with the earlier years of print,” it says.
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The 1,000 shilling note is the fastest moving note and of the the lowest denomination while the 50,000 note, the biggest is also the least circulated.
For this reason, the smaller notes get out of circulation much faster mainly though wearing due to overuse than the bigger ones, hence the higher rate of replenishing.
The notes bearing new signatures will continue to be issued alongside the old notes until Mutebile’s signature, now 22 years on the notes, is phased out.