remarks by prof. emmanuel tumusiime - mutebile governor, bank of uganda at the high level stakeholders ’ engagement on building a 21st century ugandan economy kampala serena hotel tuesday, september 3, 2019 the bank of uganda ( bou ) has not only successfully achieved its inflation objective of low and stable inflation, but has done so while supporting economic activity. in the last two financial years ( fy ), uganda ’ s economy has grown on average by 6. 1 per cent from a growth of 3. 9 per cent in fy2016 / 17. investor surveys suggest that business conditions and sentiments are strong. credit to the private sector has improved ; helped by accommodative monetary policy stance. the economy is expected to maintain this growth momentum and is projected to grow by between 6. 0 and 6. 3 per cent in fy 2019 / 20, and between 6. 5 and 7. 0 per cent in the medium term. the growth prospects are supported by private sector credit growth ; public investment in infrastructure ; higher agricultural output due to favourable weather and positive government interventions in agriculture ; pick - up in activity in the mineral sector ; improved regional security ( with peace in south sudan and drc ), which are expected to boost uganda ’ s exports. there are downside risks to growth, including : a ) lower external demand due to a depressed global economy. b ) political and policy uncertainty, which are very elevated in several major economies with global growth continuing to be biased downwards. already, the probability for a global recession is very high. page 2 of 5 c ) climate change which will increase uncertainty of weather patterns and constrain the agricultural sector. domestic inflation remains subdued, with the annual headline and core inflation averaging 2. 7 per cent and 3. 7 per cent, respectively, in the quarter to august 2019. the inflation outlook is favourable, with inflation projected to stabilize around the 5. 0 per cent target in the medium term. given the current inflation outlook, bou has kept the policy rate on hold since october 2018. low inflation protects the purchasing power of ugandans, especially for the poor households. bou has successfully ensured financial sector stability, including through resolving commercial banks that posed systemic risks by being very highly interconnected, both by the number and size of transactions with the other commencial banks. currently, commercial banks are wellcapitalized, liquid, and profitable. improvements in asset quality have contributed to an easing of lending standards

zhou xiaochuan : people ’ s bank of china governor ’ s new year message new year message by mr zhou xiaochuan, governor of the people ’ s bank of china, 7 january 2015. * * * the last day of 2014 is about to leave us and we will soon see the first light of 2015. at this juncture, i would like to convey, on behalf of the pbc cpc committee, new year ’ s greetings to all the staff members of the pbc system and sincere gratitude to those who are still on their duty positions on the new year holiday and their family members. in 2014, we continued our endeavor on the road of reform and innovation. in the complex and changing international environment and facing the arduous domestic task of reform, development and stability, under the leadership of the cpc central committee and the state council, the pbc continued the approach of seeking progress while maintaining stability, reform and innovation and achieved remarkable results in the various fields of central bank functions. we continued to implement a sound monetary policy, maintained policy continuity and stability, made innovations in the approach of macro - economic management, and conducted pre - emptive adjustment and fine - tuning. as a result, the growth of money, credit and all - system financing aggregate remained reasonable and the credit structure continued to improve, contributing to the stable and sound development of the economy. breakthroughs were made in the key financial reforms including market - based interest rate reform, exchange rate regime reform, and deposit insurance scheme, and policy financial institutions made new progress in their reforms. we have seen faster pace in the innovation of financial markets and a stronger role of financial sector in servicing the real sector. the cross - border use of rmb has been expanding. the reform of foreign exchange administration has been deepening. the management of financial risks has been effective. the quality and management of financial services have improved. we have actively participated a wide range of international and regional financial cooperation. the party ’ s mass line education and practice endeavor has produced results. the pbc has further improved its party building, style of work and internal management. the year 2015 is a crucial year for the deepening of reform as it is the first year of comprehensively promoting rule of law and the concluding year of the 12th five - year plan. the pbc system will earnestly implement the decisions adopted at the 18th cpc national congress, the third and fourth plenums of the 18th cpc central committee, and the central economic