By Watchdog reporter

In press conference called to dispel rumours that the economy and banking sector were in shambles, Bank of Uganda governor Emmanuel Mutebile left the country more confused.

Mr Mutebile first told the media that the economy was in good shape, emphatically saying what the media was reporting was actually “rubbish”.

“I’m afraid what you read in some newspapers is rubbish. Our financial sector is strong, vibrant and profitable,” Mutebile said at a press conference on Wednesday morning.

Mutebile also stated that media reports that UBA and Cairo banks were about to be taken over by the central bank were not accurate.

He in fact called the report “rubbish”.

The governor however admitted that there were two banks on BoU’s watch list but not about to be taken over yet by Bank of Uganda. He didn’t say which banks.

Mutebile also said that talk of Crane Bank collapsing was misleading. He said it was not possible for the Bank which was taken over by BoU last week to collapse.

He explained that BoU takes over a bank when it is necessary to protect depositors’ interests.

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