martin redrado : a convincing strategy article by mr martin redrado, governor of the central bank of argentina, published in la nacion newspaper on 18 may 2008. * * * in argentina we have overcome a week of financial turmoil. however, those focusing on the ghosts of our troubled history are looking at our country through the rear - view mirror. there is currently no relationship, not even remote, to the conditions that led to the critical events of the past. the central bank has proven that it is in a position to play for the first time in decades its fundamental role : ensuring monetary and financial stability to all argentineans. our strategy in the foreign exchange market is the most eloquent proof of the robustness of our policies. this resilience of our system is not by chance but causal, since it derives from the existence of multiple preventive mechanisms built throughout recent years so as not to jeopardize stability even in situations like the current one. preventing the use of reserves in times of dollar demand by the public would be as absurd as not using an umbrella when it rains. in this case, the stock of foreign reserves would not be a “ cushion ” to buffer financial ups and downs but a “ bedrock ” with no absorption capacity. the strengths of our monetary and financial system are evident. foreign reserves reached a record - high level for argentina : they currently account for almost 100 % of demand deposits plus cash held by the public ( 45 % in 2001 ). in addition to providing resources to face possible shocks, foreign reserves are also a deterrent : they limit the chances of success of any speculative movement against the peso. likewise, a trade surplus close to 12 billion dollars this year ensures a structural foreign exchange supply that may more than offset any temporary dollar demand, making any nominal devaluation speculation irrelevant. exports dynamics in general, and industrial exports in particular growing at an annual rate of 18 %, show that there is no competitiveness problem today, which was the main cause for past crises. in turn, the current managed floating regime proves to be the right one for an economy in transition like ours. that is, it provides predictability and prevents excessive volatility from affecting economic decisions. what would have happened in these circumstances under a pure floating exchange rate regime? our strategy curbed depreciation expectations and, thus, the potential pressure on prices. moreover, thanks to a sound financial system we are not facing a run on deposits as in the past

emmanuel tumusiime - mutebile : bank of ugandaa€™s 5 - year financial markets development plan speech by prof. emmanuel tumusiime - mutebile, governor of the bank of uganda, at the launch of the 5 - year financial markets development plan, kampala, 9 september 2008. * * * your excellencies, honourable members of parliament, ceos, invited guests, ladies and gentlemen, i would like to thank you for honouring my invitation to attend the launch of the 5year financial markets development plan. the decision to prepare this plan was made in 2005 at a meeting of the monetary affairs committee ( mac ) of the east african community, which at that time consisted of the three central bank governors of the bank of uganda, the bank of tanzania and the central bank of kenya. i am glad to add that the mac has since been expanded to include the governors of the central banks of rwanda and burundi, after their countries became members of the east african community in 2007. the process of developing the 5 - year financial markets development plan took some time, as the central banks had to come up with a harmonised common planning framework with the active participation of the various stakeholders in the financial sector in all the five countries. therefore, this plan has been developed through an extensive consultative process involving stakeholders in uganda and the rest of the east african region. at the 2005 mac meeting, it was noted that the governments of the east african countries had made significant progress in promoting the development of financial sector, in areas of regulation and supervision ; monetary and fiscal policies ; infrastructure development such as payments and settlement systems, and trading platforms. the above efforts were aimed at fostering price stability and sound and competitive financial systems. while macroeconomic stability had been achieved, deepening the financial sector and increasing the efficiency in the financial markets remained a challenge. to address these deficiencies, the mac decided to adopt a strategy of formulating a comprehensive five - year financial markets development plan for east africa. to spearhead the development of the plan in uganda, the bank of uganda established the financial markets development committee ( fmdc ) and its dedicated secretariat, and subcommittees comprising various stakeholders from the financial sector. i would like to thank the members of these committees for a job well done. without their commitment and dedication, we would not be here to launch this framework that is mapping out a grand programme for transformation of financial markets in uganda. i would also like to thank our development partners