barrel at the end of 2000, crude oil prices weakened in 2001 with the slowdown in the world economy. the price of brent crude reached a six - month high of $ 27 per barrel in early april 2002 as a result of the tension in the middle east, the economic recovery in the united states, iraq ’ s 30 - day sales embargo and a disruption in oil supplies caused by a strike at venezuela ’ s state oil company. however, with saudi arabia pledging to replace iraqi exports and the ousting of the venezuelan president fuelling expectations of a less stringent oil policy, the price dropped to $ 23 per barrel in the middle of april. with the return of president chavez to power the oil price once again increased to levels above $ 27 per barrel. crude oil prices, however, recently fell more than 1 per cent after israeli forces pulled out of the palestinian leader ’ s headquarters, easing concern that the conflict may escalate and disrupt middle east oil flows. 3. prospects for the us among the industrialised countries, the upturn is expected to be the strongest in the united states. this upswing is driven by a sharp turnaround in the inventory cycle, as well as substantial reductions in interest rates and tax cuts over the past year. in the first quarter of 2002 the united states economy grew at a seasonally adjusted and annualised rate of 5, 8 per cent, following an increase of 1, 7 per cent in the previous quarter and a contraction of 1, 3 per cent in the third quarter of 2001. this is the strongest pace in more than two years underpinned by increases in consumer spending and the yearlong trend of sharp cutbacks in business inventories is showing signs of tapering off. the acceleration in real gdp growth in the first quarter of 2002 primarily reflected upturns in private inventory investment, exports and residential fixed investment. a gradual strengthening in business investment is expected to underpin the recovery in the second half of 2002 and into 2003. 4. euro area and the united kingdom the euro area economy had contracted at a seasonally adjusted and annualised rate of 0, 7 per cent in the last quarter of 2001, but a gradual recovery is in progress with depleted inventories being rebuilt and international trade picking up. growth in the euro area in 2002 is projected to be lower than in 2001, but the economy is expected to gain momentum in the second half of this year, and reaching 2, 9 per cent in 2003. inflation in

emmanuel tumusiime - mutebile : expanding financial access and financial inclusion in uganda speech by mr emmanuel tumusiime - mutebile, governor of the bank of uganda, at the official opening of bank of baroda ( u ) ltd ’ s new branch, entebbe, 2 june 2012. * * * the global chairman and managing director of bank of baroda, the board of directors, bank of baroda ( u ) ltd, management and staff of bank of baroda ( u ) ltd, distinguished customers, invited guests in your respective capacities, ladies and gentlemen, it gives me great pleasure this morning to preside over the official opening of the entebbe branch of bank of baroda ( uganda ) ltd. i would like to begin by congratulating the bank of baroda for its foresight in extending its branch network outside of kampala, a move which bears testimony to the fact that our economic growth is geographically broad based. with the opening of this new branch in entebbe and another which will open in kabale next week, bank of baroda will expand its network to 13 branches countrywide. bank of baroda began its operations in uganda almost 60 years ago, in 1953. it has demonstrated its attachment to uganda through good times and bad, and in doing so has built up a reputation for serving the needs of customers with dedication and reliability. the opening of new bank branches, especially in the towns and cities outside kampala, makes an important contribution to the goal of expanding financial access and financial inclusion in this country. it brings banking services closer to the people, reduces transactions costs for ordinary customers and enhances competition in the banking industry. as our economy develops and per capita incomes increase, demand for financial services from both the corporate sector and the general public is growing rapidly, as is demand for new types of financial products. the expansion of bank of baroda ’ s branch network will strengthen the bank ’ s capacity to meet this growing demand for financial services. the decision of bank of baroda to open a branch in entebbe also bears testimony to the very bright prospects for business and commerce in the town. entebbe and its environs already play an important role in the tourism and horticultural industries. both of these industries are at the forefront of uganda ’ s efforts to modernize and diversify its economy, through the production of higher value goods and services which can compete on international markets. to be competitive on global markets