Following Bank of Uganda’s takeover of management and control of Crane Bank Ltd on 20/10/16, there have been false and malicious rumours circulating on social media platforms regarding the state of the financial sector as a whole.

The Bank of Uganda hereby dispels all those rumours and reaffirms that the financial sector as a whole is stable, sound and resilient.

The public is hereby advised to continue conducting their banking business without panic. Should anyone have any inquiries on Crane Bank Ltd, in particular, and the health of the financial sector in general, please contact the Director communications through the following channels:

Accordingly, Dr. Adam Mugume, BoUs Executive Director for Research and Policy, says Uganda’s debt-toGDP ratio for 2016/17 financial year is 35 percent, making it one of the lowest in the East African Community as well as Sub-Saharan Africa