Uganda's President Yoweri Museveni has signed into law a measure that aims to curb foreign influence in the country, despite economic-related concerns from quarters such as the central bank.

The 81-year-old Museveni, in power since 1986, has, over the years, regularly decried outside influence in Uganda.

Museveni signed the legislation, effectively making it law, his office said in a statement issued late on Sunday.

The "Protection of Sovereignty" bill, passed this month, criminalises promotion of the "interests of a foreigner against the interests of Uganda" and requires foreign agents to register.

Government ban

It also bans anyone working on behalf of foreign interests from developing or implementing policy without government approval.

The Presidential Press Office, in a statement, said the law is designed to protect Uganda’s self-governance “without undue external interference,” and bars designated “agents” from engaging in political activities linked to foreign interests.

Penalties for violations include up to 10 years in prison and steep cash fines.

Central Bank governor ​Michael Atingi-Ego warned the law could diminish financial flows into Uganda and risked running down foreign exchange reserves.