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Another bank closed

Country Map - Cameroon, Chad IRIN
    YAOUNDÉ

    The Central Bank has closed another bank, declaring it insolvent. Central Bank governor Nyonyintono Kikonyogo blamed the closure of the Cooperative Bank, one of Uganda's largest, on the failure of Ugandans to pay back debts and on a "culture of theft", the BBC reported. It added that rural Ugandans would be especially hard hit, as the bank had 30 branches around the country. The closure follows that of the Greeland Bank which was
    declared insolvent last month. Meanwhile, seven Greenland Bank officials are currently stranded in Tanzania after the authorities impounded their passports. The semi-official 'New Vision' daily quoted a Ugandan Central Bank spokesman as saying there could have been some problems with the Central Bank of Tanzania.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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