ardian fullani : opening, extension and modernisation of the primary and secondary treasury bill market address by mr ardian fullani, governor of the bank of albania, at a meeting with the minister of finance and representatives of all banks in albania, tirana, 8 april 2005. * * * honored ladies and gentlemen! first of all i have the pleasure to thank you for your willingness in finding the time to take part in this work meeting. i would also thank your technical staff for the devotion shown in dealing with this issue, which constitutes one of our priorities at the bank of albania. at the bank of albania conference on “ central banking in the time of integration ” i launched, interalia, the idea of the need for qualitative developments in the banking and financial system and this as closely connected with the need for further increasing the intermediation role of this system in the economy. it is understandable that the implementation of this idea would simultaneously require the giving of more possibilities to the banking system, so that this system carries out its role better and more actively. the topic we are discussing today is in this line. i am strongly convinced that the treatment of this issue did not appear as something unexpected, but it is a logical result of the positive developments taking place so far and the banking system awareness to be more active in its role for raising public confidence in the system. in the line of this logic, the raising of confidence would bring about its positive effects even on increasing their banking activity, which will be in compliance with their objective to be in the market with as much dignity as possible. in this discussion i will not focus on the technical aspect of cause explanation and process implementation, which i consider as exhausted by discussions made between respective technical staff, but i will focus on what we intend to reach and on the shortest and safest way to complete this process successfully. also, i would like to clarify that the individuals will continue to participate in the primary market of securities and this market will continue to be organized by the bank of albania. what we intend to reach through this process is : 1. the realization of a smooth transition process, at the smallest cost possible, in terms of maintaining the participation of individuals in the primary market. 2. the reduction of the time which is needed for the realization of treasury bill primary market auction. 3. the increasing possibilities to apply into practice the principle “ delivery versus payment ” for operations that will be performed in the secondary and retail treasury bill market.

emmanuel tumusiime - mutebile : bank of uganda ’ s position on the exchange rate statement by prof emmanuel tumusiime - mutebile, governor of the bank of uganda, kampala, 19 january 2011. * * * i think that it is now necessary to state clearly bank of uganda ’ s position on the exchange rate. we believe that the current level of the uganda shilling / dollar exchange rate is undervalued. moreover, further depreciation will be counterproductive for macroeconomic management, especially because of the impact this will have on the prices of imported goods and hence on consumer price inflation. consequently, the bank of uganda intends to adopt a more aggressive stance to support the exchange rate. we sold dollars yesterday to the interbank market. we are prepared to intervene again if necessary. we are complementing this by raising interest rates in the interbank market and on repo instruments. of course open market exchange rates are difficult to control and no central bank can guarantee to move the exchange rate in the direction it wants. however, i want to stress that we are not indifferent to further exchange rate depreciation and that for the immediate future, curbing such depreciation will be a priority of the bank of uganda ’ s macroeconomic management. bis central bankers ’ speeches