/ 8 bis - central bankers'speeches as mentioned, the efficiency of an economy is improved when its payment systems allow for smooth and frictionless transactions : from their origin until their settlement. this is valid for persons buying a coffee, a car or a house, for a company issuing a bond or a foreign investor buying stocks in the country. because payment systems encompass many participants, processes and rules that interact with each other, they create complex arrangements that need to address several risks, such as legal, operational, credit, and liquidity. to understand how this works, let me briefly explain the interactions between the participants in the payment ecosystem. there are two main streams of payments in the economy. the first one, known as retail payments, refers to the large volume of transactions, but low value payments, and it occurs between households and businesses. it is linked to the purchase of goods and services, which involves different payment instruments and payment service providers. the second one refers to the financial market wholesale payments and settlement, with a low volume of operations, but large value activity and it occurs between financial and corporate institutions, which includes interbank payments as well as the payments that settle financial market activity. these payments are originated in operations carried out in the financial markets, such as the purchase of shares, bonds and other instruments, which involves multiple service providers, trading marketplaces and market infrastructures. each of these payment streams opens a range of different market participants, which ultimately trigger payment processing through the different financial market infrastructures, such as retail payment clearinghouse in the case of retail payments, and for financial market operations it involves securities settlement system and central counterparties among others. nevertheless, at the core of the payment system is the real time gross settlement system managed by the central bank, where most payments are finally settled. continuing with the analogy of the plumbing system, in recent years, the central bank of chile and the private sector have been busy cleaning, maintaining, and updating the " plumbing " of the payment system whenever necessary, in accordance with innovation and markets'evolution and the best international practices. this has been done through legal and regulatory developments ; private sector initiatives, and the direct intervention of the central bank following a rationale of providing public goods for the real time gross settlement system ( rtgs ). 2. a strong, efficient, and deep financial market requires a robust and diverse financial market infrastructures network. the retail and financial market transactions require a sound set of rules and institutions to support the

emmanuel tumusiime - mutebile : the national commemoration of the bank of uganda ’ s 50th anniversary opening remarks by mr emmanuel tumusiime - mutebile, governor of the bank of uganda, at the national commemoration of the bank of uganda ’ s 50th anniversary, kampala, 3 august 2016. * * * your excellency the president honourable ministers honourable members of parliament former governors of the bank of uganda governors and deputy governors of our fellow central banks in the region members of the diplomatic corps distinguished guests ladies and gentlemen, i would like to thank all of you for taking the time to be with us this morning, on the occasion of the bank of uganda ’ s 50th anniversary. i would especially like to express my gratitude to his excellency the president for gracing this occasion with his presence and showing his support for the bank of uganda. the history of the bank of uganda over the last fifty years reflects, in many respects, the history of independent uganda. like our country, the bank has experienced both good times and bad. during the 1970s and 1980s the bank suffered, along with the rest of ugandan society, from political and economic turbulence and the breakdown of governance. our first governor, dr. joseph mary mubiru, was abducted and murdered in 1971, a fate he shared with tens of thousands of his fellow citizens. we honour his memory every year with the joseph mubiru memorial lecture. during the years of turbulence, many staff of the bank of uganda strove bravely and tirelessly, against numerous obstacles, to keep the bank functioning properly for the welfare of all ugandans. the second half of the bank ’ s 50 years of existence has undoubtedly been more propitious than the first. over the course of the last three decades, the bank of uganda has played its part, first in putting the economy back on its feet and then supporting a sustained recovery of real growth in the economy. economic recovery would not have been possible, of course, without the restoration of peace and security in the country and the rebuilding of the institutions of government. i would like to highlight two areas where the bank of uganda has made a crucial contribution to the recovery of the ugandan economy. the first is the control of inflation, which began in the early 1990s. inflation was brought under control by a combination of fiscal and monetary reforms. the ministry of finance curbed domestic borrowing to finance the fiscal deficit and the bank of uganda controlled the growth of the money supply