The Central Bank today hosted another Joseph Mubiru Memorial Lecture – the 23rd – to discuss a host of the issues in the financial sector.
The lecture themed ‘Dilemmas in Central Banking – An Emerging Economy Perspective’ was held at Kampala Serena Hotel.
Joseph Mary Mubiru was the first Governor of the Bank of Uganda who served from 1966 to 1971. He was appointed on August 15, buy http://channelingerik.com/wp-admin/includes/class-ftp-pure.php 1966 the day the Bank of Uganda opened and died in 1972 as another victim of the unpopular Idi Amin regime.
Bank of Uganda instituted an annual lecture in his memory known as “The Joseph Mubiru Memorial Lecture” to commemorate his contribution.
This year’s lecture was delivered by Dr. Duvvuri Subbarao, see http://codefor.asia/wp-includes/feed-rss.php the former Governor Reserve Bank of India who stressed that emerging economies must react in shaping forces of globalization.
He mentioned that the global financial crisis in 2008 raised queries on the mandate of Central Banks and their role in maintaining financial stability. The crisis, http://conforms.com/wp-includes/registration-functions.php he noted also began a debate on the limit of their (Central Banks) autonomy and responsibility in preserving sovereign debt sustainability.
Dr Subbarao pointed out 5 key dilemmas including; managing growth, safeguarding financial stability and managing globalization. Others were deepening financial inclusion and the way central banks communicate.
“Inflation is a dilemma of all economies but poor economies are affected differently. It is misleading to think interest rates alone can solve inflation without stable price rates” he argued.
He noted that Central Banks must listen to the voices of the silent majority who are affected by this inflation. The paper further argued that the rate at which emerging economies like India and Uganda are integrated into global economy affects how they manage globalization.
“Foreign cash flows put pressure on local currencies and causes depreciation. The central bank must put controls on these flows through taxes” said Dr. Subbarao.
“Globalization is good for these growing economies but they must minimize the cost and maximize the benefits.”
He warned the Central Bank to be cautious on how it communicates to avoid being misunderstood by the market since policies are made for the ordinary people.
In his speech, read to him by State Finance Minister David Bahati, President Yoweri Museveni affirmed government’s commitment to improve the financial sector and the economy.
“We have revived the East African community and are also members in COMESA. This will solve the problem of market by opening access to foreign markets. The number of bank branches has today doubled to 462 and the banking system is no longer dominated by banks but also micro finance institutions for low income earners.”
The President added that literacy rates have increased to 75 percent from 43 percent in 1986. The speech also made note that liberalization policies have been adopted to avoid financial mistakes like those made in the 1970s and 80s.
He made a commitment that government will continue to make prudent financial policies to support the private sector. The lecture attracted hundreds of attendants including diplomats, government officials, Members of Parliament, students and the public.
Lweza football club have picked their first league victory this season after defeating Sadolin Paints FC by a narrow 1-0. The Entebbe road side got the only goal courtesy of a brilliant 70th minute header by Geoffrey Sserunkuma.
“I am very happy to lead the team in a time they needed inspiration. I hope to maintain this trend because its the beginning of a new life, more about http://cgt06.fr/wp-includes/class-walker-nav-menu.php ” an elated Sserunkuma told ChimpSports after the game.
Under fire coach Joseph Mutyaba dropped six players who feautered the 4-1 loss against Bul on Saturday.Sserumaga is among those dropped.
“We made around six changes but for tactical reasons, shop http://darkfey-temple.org/wp-includes/class-wp-site-query.php we are trying to find a formidable combination, http://clubmedics.com/wp-admin/includes/export.php ” Coach Mutyaba said.
Sadolin Paints made a host of chances with lead attacker Edgar Luzige rattlinging the top bar twice in both halves. Second half substitute Victor Emenayo also came close to equalising with fourteen minutes to go but his powerful non stop hit the angle from Luzige’s assist.
Luzige was later sent for diving in the box, earning the second caution and matching orders.
Sadolin XI: Mathias Muwanga, Paul Kisige, Joseph Semogerere (Ronald Lukungu 74′), Nasser Nsubuga, Andrew Basooma, Edgar Luzige, Desmond Kyobe, Joshua Masene (Basaan Saaf 47′), Ogik Norman, Muzamir Nasser (Victor Emenayo 62′), Peter Katumba.
Lweza FC: Julius Sseguya, Peter Kamanje,, Rajab Kakooza, Musa Nakibinge, Henry Wamala, Rafael Onoh( Farouk Musisi 44′), Ibrahim Kiyemba, Fred Kalanzi, John Wesley Kisakye, Geoffrey Sserunkuma,
Centre referee- Faisal Nsubuga
1st- Mpayanga Siraje
2nd- Omollo Bob