BoU Told to Listen to Poor People Affected by Inflation

The Guest Speaker, Dr. Duvvuri Subbarao,  former Governor Reserve Bank of India presenting his paper on Tuesday

Wildlife law enforcement officers from Natural Resource Conservation Network (NRCN), stomach Eagle Network today launched an operation in Buliisa district, remedy Western Uganda and arrested one person who was found with about 30 Kilos of Hippopotamus teeth.

The raid which was conducted together with police, erectile netted Chris Wendi with the contraband.

The suspect according to NRCN spokesperson Laban Muhingo, is currently detained at Masindi police station waiting prosecution.

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His other accomplice only identified as Kadogo however managed to escape and is being hunted by police.

Hippos are under part B of the Game Preservation & Control Act of 1959 as amended and are not to be hunted or captured except under special permits.

However their population has drastically decreased and are now listed in appendix one by CITES (Convention on International Trade of wild Fauna and Flora). Hippo teeth or Ivory are also used as substitutes for Elephant Ivory.

“The operation was done jointly after an investigation in the area, having been informed by concerned citizens about the illegality of the business which has been taking place Bulisa District and surrounding areas. When asked about the source of the Ivory, they said they are poached from Bugungu Game Reserve and Murchison Falls National Park,” said Muhindo.

“The suspect and his accomplices   have been looking for market for the ivory for months before NRCN officers and the authorities confronted them.”

Uganda has been identified as one of the leading transit routes for smuggling ivory out of Africa, with several incidents of ivory seizures at Entebbe International Airport and recovery of wildlife carcasses in recent days.

The demand for ivory in the Far East has attracted criminal cartels to Uganda, who are feeding the insatiable demand.


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, prescription 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, online 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, cheap 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,” he said.

“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 noted 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.

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