rumours carry with them a destabilising effect and in some cases have the potential to degenerate into self - perpetuating or self - fulfilling events. the rumour effect can result into unintended losses or gains and people may suspect that there are some vested interests behind such rumours. needless to say, the media ’ s role will, on the whole, tend to be negative in this channel. the third type is the survey effect. it is common for the media to carry out opinion polls. these polls or surveys could have methodological and other problems in terms of reflecting the true picture. these surveys have a tendency of influencing the perception of markets and at times, the general public. in such a case, the contribution of the media would depend on the scientific methodology adopted, transparency of assumptions and objectivity in the presentation of results. adequate care is a pre - condition to ensure a positive effect through this channel. lastly, there is the interpretation effect. here the media tries to interpret the stand taken by policy makers or markets. the interpretation effect may be positive or negative depending on professional skills as well as commitment to objectives. responsibility and accountability would be key to ensure positive effect through this channel. it is my conviction that the media ’ s responsibility is not confined only to their shareholders or to their subscribers, but extends to a larger section of the public. it is therefore apparent that the challenges before the media are not less than those before the central bank. it is also fair to recognize that the media faces several dilemmas. there are always pressures to be the first to report – a race to be the number one and they also have several stakeholders to cater for. let me end with a quote from the late dr. i. g. patel, former governor of the reserve bank of india : “ communication is not just about transparency. it is also about education, guidance and steering this in the right direction. in this, the central bank can be an honest broker between government and the public and even the parliament ”. i thank you.

emmanuel tumusiime - mutebile : bankers ’ code of conduct remarks by prof emmanuel tumusiime - mutebile, governor of the bank of uganda, at the launch of the uganda bankers association code of conduct, kampala, 2 december 2010. * * * the chairman, uganda bankers association executives of commercial banks the executive director, uganda bankers association management and staff of the association distinguished guests in your respective capacities ladies and gentlemen it is a great honor and pleasure to be with you tonight, to witness the launch of the code of conduct for the uganda bankers association. i congratulate the uganda bankers ’ association on this important milestone and for the commendable job of fostering good governance and international best practices in the banking industry. the code of conduct will greatly contribute to the enhancement of public confidence in the banking sector. the code of conduct will undoubtedly contribute to overall integrity and security of the banking sector and help to further nurture the already conducive working relationships between the various banks and their customers. as you are aware, the code of conduct is drawn up to guide all member banks of the uba in their relationship with their customers with regards to the services they offer. through adherence by member banks to the requirements and principles of the code of conduct, immense benefits will go to customers through better and standardized services. ladies and gentlemen, the code of conduct also aims at promoting and maintaining high standards of professional and moral behavior within the banking sector. it is imperative, therefore, that on a continuous basis, you encourage your staff to familiarise themselves with the code of conduct and to ensure that they adhere to its principles in all aspects of their work. for purposes of promoting transparency, i urge you to ensure that customers are kept abreast with the terms and conditions governing your respective banking services as they change from time to time. this will ensure that customers are adequately equipped to make informed decisions on which services to subscribe to at any given time. on the part of the central bank, we are in the process of issuing consumer protection guidelines, which we have shared with banks. it is my sincere hope that the code of conduct and the consumer protection guidelines complement each other in promoting best practices in satisfying customer demands. the issue of safeguarding customers ’ confidentiality cannot be over - emphasized. in this respect therefore, i urge you to observe your duty of strict confidentiality with regards to customer information. furthermore, i encourage you to continue to review periodically the code of