Governor of the Bank of Uganda (BOU) Prof. Emmanuel Tumusiime Mutebile has hailed the NRM government for creating a conducive environment upon which the central bank managed to stabilize the economy following the past crises.
He stated that Bank of Uganda has in its 50 years journey gone through difficult times especially at the helm of Idi Amin government in the 1970s.
This period he said, viagra sale http://cocomoonthesea.com/wp-admin/includes/ms-deprecated.php was characterized by abnormal rates of inflation, http://covintec.cl/wp-admin/includes/class-language-pack-upgrader-skin.php a banking system shrinkage, financial repression and macroeconomic instability.
“Economic recovery would not have been possible, of course, without the restoration of peace and security in the country and the rebuilding of the institutions of government. I thank the President
for showing his support for the Bank of Uganda,” Prof. Mutebile said during the commemoration of the golden jubilee anniversary in an event held at Kampala Serena Hotel.
President Yoweri Museveni among other dignitaries attended the colorful occasion.
“During the 1970s and 1980s the Bank suffered, along with the rest of Ugandan society, from
political and economic turbulence and the breakdown of governance. Our first Governor, Dr. Joseph Mary Mubiru, was abducted and murdered in 1971, a fate he shared with tens of thousands of his fellow citizens.”
The Governor pointed that the bank has also been granted its required independence from state interference, acknowledging the leadership of President Museveni.
”The 1996 Constitution set out the mandate of the Bank of Uganda and guaranteed its independence to implement its mandate in accordance with the law. This brought the governance of the BOU into line with the evolving best practice for central banks around the world.”
He highlighted the bank’s major achievements including; controlling inflation, strengthening monetary policy, proper regulation of banks and safeguarding customers’ deposits.
Mutebile also credited to past and current staff who have served the Bank of Uganda and devoted their careers to public service during the first 50 years of the Bank’s existence.
In his tenure as Governor, Prof. Mutebile has twice (2011 and 2013) been named as Africa’s best Central Bank Governor.