a safeguard against operational risks. the recent increase in the minimum ongoing capital requirements of commercial banks will further ensure the soundness of the banking sector and increase the sector's capacity to finance high - value capital investments. arising out of the implementation of the national financial inclusion strategy 20172022, uganda has experienced increased access to financial services by the wider population through the proliferation of mobile financial services and products. in the year 2023 alone, the values of insurance and micro - savings amounted to ugx 3. 4 billion and ugx 527. 9 billion, respectively, while the value of micro loans disbursed 1 / 3 bis - central bankers'speeches amounted to ugx 1. 2 trillion. to build on this momentum, the national financial inclusion strategy 2023 - 2028 will focus on deepening savings and credit markets by expanding the usage of diversified financial products and services. one such product is " project okusevinga " by the bank of uganda, an initiative that will enable the buying and selling of government securities on mobile phones using mobile money balances. when rolled out, we anticipate that it will improve retail investment in bills and bonds. additionally, the finalisation of the islamic banking and regulatory framework and related tax laws in august 2023 will facilitate the emergence of islamic banking services and financial products. our performance in the index has been enhanced by the bank of uganda's adoption of environmental, social, and governance ( esg ) policies in our strategic plan 2022 / 27. i am glad to report that the bank of uganda has been accepted into the sustainability standards certification initiative ( ssci ) and that several banks have also been accepted into the ssci. we encourage all financial institutions to join, as it will boost responsible banking practices in the sector. another key development in this area is that the uganda bankers'association has developed an esg framework to guide the member institutions to systematically manage esg risks and opportunities by formulating robust sustainable financing solutions, identifying and addressing potentially adverse effects, and complying with regulatory reporting and disclosure requirements. despite these positive developments, our score dropped by a percentage point from 64 % to 63 %, mainly on account of reduced fx reserves and liquidity that resulted from flight to quality as offshore funds exited frontier markets amid the rising interest rate environment in their home countries. nonetheless, it is worth noting that the bank of uganda has embarked on drawing up various financial market reforms to build robust fx reserves that are resili

emmanuel tumusiime - mutebile : the national commemoration of the bank of uganda ’ s 50th anniversary opening remarks by mr emmanuel tumusiime - mutebile, governor of the bank of uganda, at the national commemoration of the bank of uganda ’ s 50th anniversary, kampala, 3 august 2016. * * * your excellency the president honourable ministers honourable members of parliament former governors of the bank of uganda governors and deputy governors of our fellow central banks in the region members of the diplomatic corps distinguished guests ladies and gentlemen, i would like to thank all of you for taking the time to be with us this morning, on the occasion of the bank of uganda ’ s 50th anniversary. i would especially like to express my gratitude to his excellency the president for gracing this occasion with his presence and showing his support for the bank of uganda. the history of the bank of uganda over the last fifty years reflects, in many respects, the history of independent uganda. like our country, the bank has experienced both good times and bad. 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. we honour his memory every year with the joseph mubiru memorial lecture. during the years of turbulence, many staff of the bank of uganda strove bravely and tirelessly, against numerous obstacles, to keep the bank functioning properly for the welfare of all ugandans. the second half of the bank ’ s 50 years of existence has undoubtedly been more propitious than the first. over the course of the last three decades, the bank of uganda has played its part, first in putting the economy back on its feet and then supporting a sustained recovery of real growth in the economy. 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 would like to highlight two areas where the bank of uganda has made a crucial contribution to the recovery of the ugandan economy. the first is the control of inflation, which began in the early 1990s. inflation was brought under control by a combination of fiscal and monetary reforms. the ministry of finance curbed domestic borrowing to finance the fiscal deficit and the bank of uganda controlled the growth of the money supply