platinum is also a “ green ” metal. it ’ s very ecologically - friendly. it ’ s a key element in catalytic convertors to reduce our carbon footprint. let me end that diversion and continue with the platinum story. did you know that the bulk of platinum that we have today is mined in just two parts of the world : south africa and siberia in russia? they produce two - thirds and one - quarter of the world's platinum supply respectively. another curiosity relating to platinum is the fact that it was not until the 19th century that this rare metal was first used in rather special platinum coins. russia started the fad in 1828. spain produced platinum coins in the 19th century. but we have to wait until much closer to our own times, the 70's, before any more platinum coins come to be issued. the first was a medal issued in israel in 1973, followed by panama in 1976. the russians perhaps come closest to qualifying as “ platinum bugs ”. the ussr produced platinum coins from 1977 to 1980. perestroika and glasnost did not dim their fascination with the metal and the newly - independent state of russia issued platinum coins from 1992. nearer to us, lesotho issued a platinum coin of half an ounce of platinum in 1981. other countries producing platinum coins include australia, canada, france and portugal. tonight, therefore, we continue the coinage chapter of the platinum story. tonight, mauritius joins this select and fairly exclusive list. we now rank among the three countries in the southern hemisphere to have issued platinum coinage. and we are the only small island developing state to do so. the gold coin we issued last year became one of the fastest - selling coins in the history of the bank – the bulk of the edition was sold out within five days. the value of platinum is greater than gold and so today we are issuing a collectors ’ coin that goes one better than last year ’ s gold coin. moreover, bearing in mind the strange story of platinum, the choice of this metal with its special range of qualities and uses may well be claimed to reflect those of the reputation of the great statesman it commemorates, sir seewoosagur ramgoolam : exceptional, precious, rare, durable and, as we can go to pay our respects at his “ samadhi ” at the national botanical gardens, environmentally - friendly! let me say a word before i conclude about a project that i have at heart. the downward trend in the savings rate in

michael atingi - ego : launch of the banking industry guidelines for mitigation of fraud and the revised code of conduct remarks by mr michael atingi - ego, deputy governor of the bank of uganda, at the launch of the banking industry guidelines for mitigation of fraud & the revised code of conduct, kampala, 19 february 2024. * * * chair, executive director, and members of uganda bankers'association ; distinguished guests ; ladies and gentlemen, good morning. thank you for inviting me to the launch of the banking industry guidelines for mitigation of fraud and the revised code of conduct. this initiative is a critical stepping stone towards restoring the bedrock of trust and confidence that underpins our financial institutions. " a typology study on internal frauds in the banking sector in uganda ", by the financial intelligence authority in june 2022 showed that fraud was rampant and increasingly sophisticated, with cyber fraud accounting for over 50 % of all high - value fraud cases under investigation and annual fraud losses more than doubling from 2020 to 2021. the banking industry has always faced the pervasive threat of fraud, a shadow that stains its reputation and erodes public trust. this threat manifests in diverse forms, from deceptive schemes by external attackers to criminal activities perpetrated by insiders and outsiders. fraud in the banking system fundamentally undermines the trust principle it relies on. when customers entrust their hard - earned money to financial institutions, they expect it to be safeguarded responsibly. however, when fraud occurs, it erodes this trust, leaving individuals feeling exploited and vulnerable. furthermore, the far - reaching consequences of fraud in the banking industry extend beyond immediate victims. it distorts market mechanisms, diverts crucial resources from productive investments, and can even cascade across entire communities, leading to economic hardship and social unrest. fraud is a termite that relentlessly eats into the foundation of trust upon which banks are built. and today, this threat is more widespread and sophisticated than ever before. cyber / internet - related frauds are rising in uganda, alongside loan scams, impersonation, identity theft, forgeries, and cash suppression. just look at the numbers. globally, losses topped a shocking usd 11 billion last year, led by the growing threat of account takeover ( ato ) frauds. account takeover fraud, where thieves steal login credentials to access victims'accounts and wreak havoc, is increasing in uganda, causing significant financial losses and