i conclude this speech, i also want to announce that after this ceremony there will immediately be a press release on the reforms to the primary dealer system. page 5 of 7 the press release is meant to inform the public that all licensed commercial banks will now have direct access to the primary market for government security operations and commercial banks are all eligible to open csd accounts at bou for their clients, they are all able to issue and accept bid submission forms on their clients behalf, settle their clients ’ successful bids and buy their clients ’ securities if the client wishes to sell. this is part of bou ’ s on - going commitment to make investing in government securities easier and more accessible to the public. i also wish to acknowledge the role that this year ’ s award winner has played, especially for its participation in the primary auctions, market making capabilities, consistent pricing as well as timely market intelligence. page 6 of 7 ladies and gentlemen, i am pleased to announce that this year ’ s winner has emerged at the top for the fifth consecutive year, stanbic bank uganda ltd is the primary dealer of the year 2016. i now invite the chairman, board of directors of stanbic bank, mr japheth katto, to receive the award. congratulations to you and your team. i thank you for listening to me. page 7 of 7

louis kasekende : overview of the ugandan economy opening remarks by dr louis kasekende, deputy governor of the bank of uganda, at a workshop for launch of the revised reporting returns for commercial banks, credit institutions and mdis, kampala, 19 february 2010. * * * the executive director supervision the executive director research / directors staff of bank of uganda staff of commercial banks, credit institutions, microfinance deposit taking institutions, and bank of uganda distinguished resource persons ladies and gentlemen. good morning. you are once again very welcome to this workshop concerning the launch of the revised reporting forms of assets and liabilities for financial institutions supervised by bank of uganda. thank you for honoring our invitation and for your continued close cooperation with the bank of uganda, in the pursuit of overall macroeconomic stability for our country. ladies and gentlemen, on account of prudent macroeconomic management, the ugandan economy has remained resilient on the whole in the face of the global financial crisis, which later culminated into a global economic recession. the gradual effects of the global economic slowdown on the ugandan economy can be viewed from two angles : first, there was a sudden exit of offshore players in september and october 2008. second, the balance of payments was adversely affected through reductions of export earnings in some sectors, portfolio flows, interest income on offshore investments, and remittances. the bank of uganda responded by letting the economy adjust to these exogenous shocks through the flexible exchange rate policy stance. secondly, bank of uganda continued to pursue a monetary policy stance to ensure price stability. most recently, bank of uganda ’ s monetary policy has aimed at boosting aggregate demand in the economy in order to support economic growth. the recovery of the balance of payments is now being observed. there is now stability in the financial markets and rapid reduction of inflation. overall, real gdp turned out to be 7. 1 percent in the financial year 2008 / 09 and is projected at 6. 3 percent for this financial year 2009 / 10. despite the economic slowdown, this performance remains remarkable given that the imf ( world economic outlook, january 2010 ) projection for sub saharan african region is only 1. 5 percent for 2009 and 4. 3 percent for 2010. it is worth noting that the financial sector has continued to remain safe and sound on account of prudent risk - based supervision and regulation. the sector was not affected by the toxic assets that led to the global financial crisis in the