The Governor Bank of Uganda Prof Emmanuel Tumisiime Mutebile has called for monetary policies that will guide the east African community (EAC) against dollar and measures that will mitigate depreciation of local currencies.
Governor remarked in the 22nd meeting of Monetary Affairs Committee (MAC) of the East African Community that convened to review and prepare a report on the progress of implementation of priority areas towards the operationalization of the region’s Monetary Union in 2024.
He asked members states to draw policies that are in with the management of money supply, interest rate, grounded on to the achievement of macroeconomic objectives like inflation, consumption, growth and liquidity.
“Weaker currencies rises a lot of costs, we should work towards the integration of the region’s economy, carry out micro-economic businesses, encourage exportation of products for strengthening of local currencies,” he said at Serena hotel.
He cautioned fellow governors from the six member states of Uganda, Kenya, Rwanda, Burundi, and the newly appointed members of Tanzania and south Sudan’s to work towards reducing risks that arise from global developments.
“MAC meeting will avail us opportunities to discuss the previous decisions made for economic integration of East African community (EAC)”
Despite civil wars that raged in the county, Governor for bank of south Sudan Dier Ngor noted they are ready to learn from the past experiences of monetary affairs committee to improve on their economic and monetary performances.
He applauded this year’s host Uganda and the entire community for considering them to join diversification and integration line that will see their country elevating from one step to another.
Governor bank of Burundi Jean Ciza, revealed that on top of higher inflation and rending rate in the country, government is doing its best towards restoration of monetary value for transformation of the economy.