my sincere hope that despite the expenditure pressures, obviously attend to an election year that i hope the ministry of finance will carefully consider the consequences for interest rates and exchange rate stability of increased deficit financing or borrowing domestically. i hope that on this matter we can quickly find agreement between the bank and the ministry. should any agreement fail, the central bank will not accept to take any measures that are inconsistent with our desire to have stable and low inflation and stable and strong financial system. if anybody doubts my resolve on this matter, they can try it. the management of forex bureaux and money transfer has also been streamlined with the enactment of the foreign exchange act 2004 which abolished formerly the exchange control act 1964 which was laying in abeyance. let me take this opportunity to invite those interested in money transfer business to come to us for licenses. one problem that has persisted is the relatively high interest rates and bank charges levied by commercial banks. i will continue to urge the financial institutions for more realistic rates and charges to the customers in order to promote the culture of saving in the country. my policy priorities for the five years that is past remain for the five years to come. before i conclude let me thank the board of directors who have attended this function and governor emeritus onegi obel for having honoured my invitation to come. let me emphasize that all the emeritus governors are on my permanent invitation list. as you know we have announced that bank of uganda will be celebrating its 40th anniversary in august and once again i am glad that president museveni has given me the unique opportunity to be governor when the bank is celebrating its 40th anniversary. i have already announced that as part of our corporate social responsibility on the occasion of the 40th anniversary, we shall donate a motorized water system for an idp camp in gulu. it estimated to cost shs 100 million and the bank is happy to contribute this to the stabilization of kitgum and gulu. i also want to invite you in advance to come and celebrate our 40th anniversary. i will be honoured if as many of you as possible would attend these events. among other events will be a public lecture and a charity walk whose proceeds will be used to donate a specialized heart machine to mulago hospital. if we buy this machine in advance of the walk, i will be committing you as my friends to meet the cost of this machine and i am confident you will not let me down. today is a special day in another way, the uganda banker ’ s

levels within the organisation, and the effects of incentive structures on behaviour. with the digital revolution, there will be an increasing need for the industry to come together to set standards for novel areas of practice. already now there is much buzz about the use of artificial intelligence and big data in finance. this creates opportunities for innovation, efficiency and growth, but also new risks, challenges and – without a doubt – difficult ethical questions on lines that should be drawn to prevent unfair, systematic, discrimination against specific groups, ( for instance as a result of algorithmic programs ) the inappropriate use of personal data and excessive volatilities from high - frequency trading. as the industry navigates these issues, a shared commitment to a common set of values has never been more critical to build trust – with customers, with employees, with other financial institutions, and with the public at large. there are compelling economic, not just social or moral, reasons to do so. it encourages healthy competition, more efficient and sustainable markets, and consistently high levels of performance over the long term. the fspb, however, cannot achieve this alone. deliberate and sustained efforts by the industry will be needed to engage, to communicate, to educate and to internalise these shared values. by pooling inputs across the industry, richer worked examples can be developed to shed light on how ethical principles should apply in practice. the consequences of misconduct should also be clear and unambiguous to firmly entrench behavioural norms – both within individual financial institutions and at an industry level. as you are aware, moves in this direction are already being taken with the requirement financial institutions to capture and share information on employee misconduct to inform hiring decisions beginning from july this year. the bank on its part will continue to provide a credible deterrent against misconduct through enforcement actions. with the enactment of the financial services act 2013, the bank has not hesitated to use wider enforcement powers that include stiff administrative penalties provided under the financial services act to bring institutions to book for serious conduct breaches, and barring individuals from holding senior roles in financial institutions. we will continue to pursue investigations and enforcement actions into serious conduct breaches to the full extent of powers provided under laws administered by the bank. beyond the limits of the bank ’ s powers, the bank 2 / 3 bis central bankers'speeches maintains close cooperation with other authorities to facilitate investigations and enforcement actions. conclusion building trust is not easy. it takes hard work, a determination to do the right thing and confidence to