Cabinet approves principles of amending foreign exchange act

By Moses kidandi

Cabinet has approved principles of amending the foreign exchange Act 2004 and money remittances regulation .

The objectives of the amendments include strengthening provisions in existing law that are considered inadequate in execution of Bank of Uganda’s mandate regarding supervision of Forex bureaus and money remittances.

Addressing journalists at media center, government spokesperson Ofwono Opondo said the country has Many developments in technological communication and money transfers hence the need to revise the law

He also says it is to make regulatory provisions for new business trends and technological developments not provided for among others .