Emmanuel Tumusiime-Mutebile: Strengthening East African Community policy co-ordination amid global economic uncertainty

Remarks by Prof. Emmanuel Tumusiime-Mutebile, Governor of the Bank of Uganda, at the 23rd Ordinary Meeting of the East African Community Monetary Affairs Committee, Kigali, Rwanda, 30 July 2019.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Salutations

Good afternoon,

First, let me take this opportunity to thank Governor, John Rwangombwa; management; and staff of the National Bank of Rwanda for the warm hospitality and the excellent organizational arrangements. I am pleased to be here in Kigali for this 23rd Ordinary Meeting of the East African Community Monetary Affairs Committee (MAC).

Allow me to give you an overview of the economic prospects back home. Uganda's economy remains strong, with growth projected at 6.3 percent in FY 2019/20, largely driven by the accommodative monetary policy stance and the ongoing public infrastructure investments. Inflation over the last 5 years has averaged 4.4 percent, which is well below the inflation target of the EAC Macroeconomic convergence criteria.