daniel mminele : thoughts on south africa ’ s monetary policy address by mr daniel mminele, deputy governor of the south african reserve bank, at the jp morgan investor conference, washington dc, 16 april 2011. * 1. * * introduction good afternoon ladies and gentlemen. thank you to jp morgan emerging markets research group for inviting me to share with you some thoughts on south africa ’ s monetary policy. in the years prior to the most recent global financial crisis, central banks in general appeared to have almost perfected the conduct of monetary policy. 1 inflation targeting central banks were given operational independence to vary the short - term interest rate in order to achieve an inflation target. while this worked very well for some time, the global financial crisis showed us that achieving price stability by no means equated to achieving financial stability. this has resulted in somewhat of a paradigm shift for traditional monetary policy, and it seems we may be on the cusp of a new era in central banking. i would like to briefly discuss global economic developments and the changing role of central banks, highlighting the challenges and lessons learnt from the global financial crisis. i will then talk about south african monetary policy, as that is the reason for which i was invited to speak to you today. 2. global economic developments and monetary policy the international monetary fund ’ s ( imf ) latest world economic outlook ( weo ) reflects a similar picture to that of a few months ago. the global economic recovery proceeds at an uneven pace and although it is broadening, the divergence in economic activity remains wide. the growth momentum in advanced economies is gaining traction, but is insufficient to meaningfully impact on unemployment. emerging markets, on the other hand, are characterised by robust growth with signs of overheating in certain economies. the imf projects that global growth will moderate in 2011 to 4, 5 per cent from 5 per cent in 2010. advanced economies are forecast to expand by 2, 5 per cent and emerging economies by 6, 5 per cent. the imf has also identified a number of old and new risks, including the threat of spill overs from the euro area periphery to core europe, exacerbated by continuing weakness among many european financial institutions, a lack of clarity on exposures and weak sovereign balance sheets. this last point is not confined to europe, but a risk to advanced economies in general and the us and japan more particularly. it is plausible that this state of affairs, if not addressed, could result in

louis kasekende : bank of uganda ’ s instruments to respond to inflationary pressures remarks by dr louis kasekende, deputy governor of the bank of uganda, at a dinner hosted by dfcu bank, kampala, 5 may 2011. * * * the chairman and board of directors of dfcu bank limited ; senior management of dfcu bank limited ; chief executives of various institutions ; distinguished guests ; ladies and gentlemen the profile of dfcu bank limited reveals a common transformation process that has occurred in uganda ’ s banking industry over the past 10 years ; upon acquisition of the then gold trust bank limited by dfcu limited, dfcu bank limited was licenced as a commercial bank in 2000 ; over the last three years, dfcu bank limited witnessed impressive growth in the following key performance indicators : item deposits ugx. 127. 0 bn ugx. 220. 8 bn ugx. 489. 7 bn assets ugx. 209. 4 bn ugx. 493. 5 bn ugx. 817. 0 bn ugx. 276. 9 bn ugx. 405. 0 bn ugx. 40. 9 bn ugx. 68. 9 bn ugx. 13. 6 bn ugx. 21. 1 bn loans / advs core capital ugx. 21. 7 bn net profit branches atms dfcu bank limited has all through the past period maintained full compliance with statutory requirements on capital adequacy, which is a key performance indicator ; dfcu bank limited has been able to roll - out a number of financial products, which include ; i ) savings plus foreign accounts ( diaspora ) ; ii ) women in business accounts ; iii ) access plus loans ; iv ) tax loans ; v ) contract finance ; vi ) commodity finance ; vii ) working capital loans ; viii ) internet banking ; bis central bankers ’ speeches behind this impressive performance of dfcu bank limited is the financial support in terms of short to long - term loans drawn from committed partners under the umbrella of the parent company, dfcu limited. these shareholders include ; i ) proparco ; ii ) norfund ; iii ) cdc ; iv ) fmo ; v ) eib ; vi ) kfw the above impressive performance has qualified dfcu bank limited into a major contributor in the development of uganda ’ s financial sector, with a sizeable portion