Lira District to Get Currency Center

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In short
The demand for a currency center was led by the Lira district business community in 2009 through their umbrella body; the Uganda National Chamber of Commerce and Industry. The district leadership was then tasked to identify land for the establishment of the currency center.

The Central Bank has approved the establishment of a currency center in Lira district.

The demand for a currency center was led by the Lira district business community in 2009 through their umbrella body; the Uganda National Chamber of Commerce and Industry. The district leadership was then tasked to identify land for the establishment of the currency center.

Authorities have now identified the former post office land which is part of Lira mayor's garden for the construction of the currency center. The land was early this year inspected and approved by the central bank.

A July 25 letter to the Director of North East Uganda Chamber of Commerce confirms that Bank of Uganda has approved the center, to improve storage, processing and monitoring of currency supply to financial institutions in Lango sub region.

"This to inform you that the bank has approved in principal, the establishment of a technical currency center in Lira", reads the letter signed by Phillips Walter Wabulya, the Executive Director Operations at Bank of Uganda.

This will bring the number of currency centers in Uganda to ten. The others are situated in Arua, Fort Portal, Gulu, Jinja, Kabale, Kampala, Masaka, Mbale and Mbarara.

Bosco Ogwang Edola, the Director of the Chamber of Commerce in Northern Uganda says the currency center will be temporarily housed at Stanbic Bank Lira branch as construction kicks off.
 
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Edola says the center will come with great benefits to the district and the region, adding that it will serve even hard to reach districts in Karamoja sub region. He adds that, once established, commercial banks in Lira will not have to waste resources in ferrying money in bullion vans and will have instant clearance of cheques.

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Kizito Ogwal, a produce dealer in Lira says the development is exciting and hopes that it will ease clearance of cheques and loans.