Governor Bank of Uganda Emmanuel Tumusiime Mutebile has this morning directed closure of all forex bureaus owned by city businessman Sudhir Ruparelia.
In a statement dated 12th April 2017, Mutebile announces that licenses of Crane Fore Bureau limited located on Speke Road, Crane Forex Bureau located on Kampala Road, Karibu Forex Bureau located at Mukwano Arcade and Redfox Forex Bureau located on Kampala Road have been terminated.
According to the statement seen by Howwee biz, the above mentioned Forex Bureaus are not permitted to transact any business prescribed under the Foreign Exchange Act 2004.
“The public is warned that whoever deals with these Forex Bureaus, their proprietors or directors in relation to foreign exchange or money remittance does so at his or her own risk” Mutebile warned.
