"We have consulted our client regarding the court's ruling. Our client has informed us that he is not willing/interested in being added to the suit as an interested party," says the statement from BOU counsel, David Mpanga. "Accordingly, we write to the same court informing it of the same," Mpanga said.
However, the Central Bank says a foreign bank can choose to contract a person or company as their agent in Uganda using the general contract laws. Under this, they are not required to get approval from the Bank of Uganda. “Such agencies do not fall within regulated agency under the FIA, 2004 and do not require a BoU license”, it says.
In a statement, UBA is now rallying all government business facilitation agencies like Uganda Revenue Authority, Uganda Investment Authority, the Ministry of Finance and the Judiciary, as well as private-sector agencies to join "join us in addressing the implications of the judgement and assist in avoiding the adverse effects" of the judgement on the economy and the country.
