bank of uganda remarks by louis kasekende ( phd. ), deputy governor, bank of uganda … … … … … … … … …. at the supervisory college of standard chartered bank, africa region … … … … … … … … …. kampala ; november 10, 2016 speech by the deputy governor at the supervisory college of standard chartered bank, africa region held at the speke resort hotel munyonyo on thursday, november 10, 2016 executive director supervision, bank of uganda the prudential regulation authority officials, the host supervisors of standard chartered bank from the african region, directors and senior management of standard chartered bank from the african region, staff of the bank of uganda distinguished guests, ladies and gentlemen, bank of uganda is greatly honoured to have been given the opportunity to host this supervisory college for standard chartered bank, africa region in conjunction with the prudential regulation authority ( pra ). i warmly welcome you all to uganda, the pearl of africa. i trust that during your short stay here you will truly experience the warmth and hospitality of the ugandan people. the decision regarding the venue for this college came to fruition as a result of a deliberate and keen interest by the prudential regulation authority ( pra ) to deepen their understanding on the role played by standard chartered bank in the african economies and risks associated with the businesses. to this end, bank of uganda ( bou ) graciously accepted to host the first college when the prudential regulation authority proposed the idea of convening a supervisory college for subsidiaries of standard chartered bank in africa. i wish to highlight that standard chartered bank uganda ( scbu ) has been operating in uganda for over 100 years, having opened for business in 1912. the bank currently has eleven branches and 28 automated teller machines ( atms ) and is considered a domestic systemically important bank ( d - sib ). as at june 30, 2016, the bank commanded a market share of 11. 58 percent, 11. 42 percent and 12. 00 percent in terms of total assets, total deposits and total loans, respectively. standard chartered bank uganda has greatly contributed to uganda ’ s economy, both financially and in technological innovations in the ugandan banking sector. it is ranked amongst uganda ’ s top twenty tax payers and has won a number of awards including employer of the year 2013, best in corporate social responsibility 2014 and best consumer internet bank 2013, amongst others. as a leader in technological innovations in the

, and has doubled since the trough in december 2008. metals prices have also risen. the increase in oil prices reflects low growth in oil production, more positive expectations as to the world economy and a weaker us dollar. on the other hand, oecd oil inventories are still ample and opec spare production capacity is higher than in the preceding years, while oil demand remains weak. key rates are close to zero in many countries. several central banks have signalled that key rates will be kept low for a long period, and key rate expectations abroad have fallen. pricing in the market indicates an expected rise in key rates in a number of countries after the turn of the year. the krone depreciated considerably in the second half of 2008, but has since appreciated again. stronger risk appetite and market expectations of a somewhat earlier rise in interest rates in norway have probably contributed to the krone appreciation. lower capital outflows from the government pension fund – global have probably also made a contribution. trading in nok has picked up since summer and foreign exchange market liquidity has improved. the projections are based on the assumption that the krone will depreciate somewhat from the current level. it is for example assumed that the real krone exchange rate will gradually revert to its historical average. the krone is floating and fluctuates somewhat. it has shown a tendency to appreciate in favourable times and fall in value in response to negative shocks in the norwegian economy. nonetheless, budgetary policy and the petroleum fund mechanism contribute to stability in the krone, as is clearly reflected in the movements in the krone in recent years compared with the currencies of other open economies with substantial exports of raw materials, such as australia and new zealand. the outlook for the norwegian economy is better than for most other advanced economies. the rebound in activity will probably occur more rapidly, with inflation maintaining a somewhat higher level than in many other countries. monetary policy measures, combined with petroleum investment and growth in public spending, have boosted activity. the downturn in the norwegian economy may be relatively mild. the norwegian authorities implemented a range of measures to mitigate the impact of the crisis on the norwegian economy. as a result, the liquidity crisis did not turn into a bank solvency crisis or a crisis in the real economy. norges bank reduced the key policy rate considerably last autumn. the key policy rate has been reduced further in 2009 to 1. 25 per cent. norges bank