Business

Crane Bank takeover did not affect the financial sector- BOU

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Bank of Uganda has assured Ugandans that the financial sector is doing stable and resilient contrary to reports by a section of social media users that the economy is doing badly.

Just hours after Bank of Uganda announced it had taken over management of Crane Bank and suspended all its managers, Ugandans took to social media to speculate how the economy was doing bad.

Some people who bank with Crane bank rushed to withdraw their money due the uncertainity that would follow the takeover.

However, in a statement issued on Monday by the director of communications, Christine Alupo, BoU said: “Following Bank of Uganda’s takeover of management and control of Crane Bank Ltd on October 20, 2016, there have been false and malicious rumours circulating on social media platforms regarding the state of the financial sector as a whole.”

According to Alupo, the financial sector as a whole is stable, sound and resilient.

“ The public is hereby advised to continue conducting their banking business without panic,” she added.

 

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