Uganda has decided to print its currency at home

Uganda recently signed a deal with a German firm to start printing its own security documents like bank notes, passports and cheques locally.

The signing of the deal between government and Veridos Identity Solutions Group was witnessed by President Museveni at State House Entebbe.

“Veridos Identity Solutions Group that was created with the aim of creating secure and pioneering identification and identity solutions, entered into a joint venture with the Uganda Printing and Publication Corporation (UPPC) on June 11, 2016 after winning the bid,” a statement read.

During the meeting, Mr Museveni noted that the new venture would save Uganda a lot of money that it has been spending on printing documents from abroad.

Your Friends Also Read:  Sex-For-Grades: BBC Reporter Attempts Suicide For Not Getting Enough Credit

“There was hemorrhage of resources that was unjustified. Money was going out to print currency notes for a long time. About US$25 million was spent each year to create Ugandan currency,” he said.

Mr. Museveni, thanked the German company for its joint cooperation, and criticized government officials for taking too long to act on such crucial matters that affect the country adding that licensing bodies must not over price working licenses for investors because it cripples investment and discourages potential investors.

“These things of taking two years to deliberate on such matters must stop. Why did you spend two years discussing something that was so obvious?” he asked.

Your Friends Also Read:  China to Grant Zero-Tariff Treatment to Burundi, Ethiopia,and Niger

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.



Leave a Reply

Previous Article

Oromo Festival Aims at Reconciling Ethiopians

Next Article

Young Cameroonians Hope for Change in Presidential Election

Related Posts