collaborative efforts between our own bank staff, ugandan artists who came up with images that are strongly rooted in indigenous art, the security printers and suppliers of security inks. the video which we will see after the speeches will show all the designs on the new currency notes. i would like to thank all those who participated in this important project. in 2003 / 2004, the bank introduced the electronic funds transfer system ( eft ) followed by the real time gross settlement system ( rtgs ) in 2005. these are intended to be alternatives to cash in the transfer of value between persons. today, all commercial banks and some tier 2 financial institutions use the rtgs to handle high value transactions. all government payments are carried out using the eft system. however, in spite of these achievements, cash remains the predominant and preferred method of settlement. only about 3 million bank accounts are operated for a population of over 30 million people. we must respond to the demands of the public for banknotes in parallel to our efforts to deepen the use of non - cash instruments. over the years, the bank has issued various banknote series. in greater part, the banknotes were changed for political reasons, usually after a change in government. this time, the change in currency design is driven by the need to comply with international best practices and taking advantage of innovations in the banknote industry since the introduction of the 1987 series. the move will support the integrity of our banknotes by helping in the fight against counterfeiting whilst keeping the notes user friendly. a new shs. 2000 denomination is also being introduced to improve the divisibility of the shilling. we shall therefore have six banknotes ; shs. 1, 000, shs. 2, 000, shs. 5, 000, shs 10, 000, shs. 20, 000 and the shs. 50, 000 in the new currency structure, one note more than we have currently. the bank considered that the most efficient way of introducing these changes was through a normal currency redesign which was now due in the case of uganda. the banknotes have been designed with ease of handling as a major consideration. ugandan images have been used to provide a ugandan look not only through the main images, but also the design patterns inspired by mats, pots and ornaments in ugandan homes and the ugandan way of life. it is hoped that these images will be the outside world ’ s window to uganda ’ s gifts of nature

emmanuel tumusiime - mutebile : the eurozone crisis and its impact on africa ’ s economy presentation by mr emmanuel tumusiime - mutebile, governor of the bank of uganda, at the comesa ( common market for eastern and southern africa ) policy organisation meeting, kampala, 20 november 2012. * 1. * * introduction the eurozone crisis is part of a much broader economic and financial crisis that has afflicted the global economy since 2008. the global crisis is manifested primarily in slow economic growth and the fragility of financial systems. global economic growth has fallen by about two percentage points in the five years since the crisis began in 2008 compared to the preceding five years ( table 1 ). the need to reduce very high levels of debt in both the public and private sectors has impeded economy recovery in the advanced economies. table 1 real output growth in the world and growth in world trade ( percent ) 2004 – 2013 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 proj proj world 4. 9 4. 6 5. 3 5. 4 2. 8 – 0. 7 5. 1 3. 8 3. 3 3. 6 advanced economies 3. 1 2. 7 3. 1 2. 8 0. 1 – 3. 7 3. 0 1. 6 1. 3 1. 5 ow euro area 2. 2 1. 7 3. 2 3. 0 0. 4 – 1. 8 2. 0 1. 4 – 0. 4 0. 2 emerging and developing economies 7. 5 7. 3 8. 2 8. 9 6. 0 2. 8 7. 4 6. 2 5. 3 5. 6 sub - saharan africa 7. 1 6. 2 6. 4 7. 1 5. 6 2. 8 5. 3 5. 1 5. 0 5. 7 uganda 6. 5 6. 3 10. 8 8. 4 8. 7 7. 3 5. 9 6. 7 3. 4 5. 0 world trade 11. 2 8. 0 9. 1 3. 0 – 10. 7 12. 6 5. 8 3. 2 4. 5 7. 7 2012 and 2013 are projections uganda data pertains to the fiscal year sources : imf world economic outlook, except for uganda where it is the uganda bureau of statistics although all regions of the world have suffered a slowdown in economic growth as a result of the economic and financial crisis, the eurozone is one