emmanuel tumusiime - mutebile : farewell party for the 2010 retired staff speech by prof emmanuel tumusiime - mutebile, governor of the bank of uganda, at the farewell party for the 2010 retired staff, kampala, 17 december 2010. * * * members of the board deputy governor governor ( s ) emeritus invited guests retired staff staff present ladies and gentlemen it gives me pleasure once again to host 30 retiring staff for the year 2010 who has diligently served the bank and our country. i want to acknowledge with gratitude their selfless contribution in the service of the bank. to have served the bank until retirement is not a simple matter. we all know that you started service in this bank when you were many but some of your colleagues fell by the wayside. it is for this reason that we who are still in the bank, look at you with admiration and gratitude for a job well done. we thank you sincerely for being exemplary. you may be aware that while presiding over the commissioning of the new building for mbale bank of uganda regional branch, his excellency the president stated that bank of uganda staff is the most exemplary and professional in uganda. to this end, i would like to congratulate the entire bank staff. bank of uganda as you are all aware plays a leading role in the exceptional story of reform and development that uganda has so far experienced. distinguished guests, ladies and gentlemen, uganda ’ s banking sector emerged out of the recent financial crisis unscathed and the outlook for the sector is very promising. credit growth has remained robust, largely on account of improving business conditions and moderating credit risks. the ratio of nonperforming loans to total loans has been reduced to below 5. 0 percent reflecting overall improvements in asset quality. in addition, banks have remained well capitalized with capital well above the regulatory minimum. the sound and stable financial sector has in turn enhanced the effectiveness of the conduct of monetary policy by the bank of uganda. the bank has managed to contain inflation to a stable and single digit level. bank of uganda has also taken the following measures to promote financial inclusion : promoted mobile money transfer services designed a regulatory framework for tier 4 institutions that includes the regulation of saccos promoted the development of an effective framework for financial literacy and financial consumer protection made proposals to amend the financial institutions act 2004 to provide for islamic banking and finance. i want to emphasize that within the financial sector, bank of uganda with its regulatory mandate will continue to

thank each and every one here present especially, the board and management staff and customers for your important contributions that brought tropical bank to where it is today. last but not least, your excellency, i would like to inform the general public that the east african cross boarder payment system ( eaps ) which is an initiative of the east african central banks went live on monday 25 november 2013 and is now operational in three countries namely ; kenya, tanzania and uganda. rwanda and burundi are expected to join the integrated regional payment system at a later date when ready. eaps is a multi currency system in which payments are effected using any of the currencies of the eac partner states. it will make cross boarder payments easier and facilitate safe and efficient transfer of monetary value within the region. eaps will also be vital in promoting regional trade and enhancing economic integration. with these remarks, allow me once again to extend my heartfelt congratulations to tropical bank limited on their 40th anniversary and wish them many more fruitful years of banking operations in uganda. i thank you. bis central bankers ’ speeches