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Central bank governors to meet over monetary policy

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By MARTIN LUTHER OKETCH

Posted  Thursday, March 13  2014 at  02:00

In Summary

They are expected to adopt a modern monetary policy.

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Kampala.

African Central Bank governors are scheduled to meet in Kampala, Uganda early next week with a view to improve their economies’ monetary policies.

The meeting slated for March 17 to 18, will allow the continent’s governors to chart a way forward in implementing a modern monetary policy that has been recommended by International Monetary Fund (IMF) to mitigate both internal and external risks in their economies.

African countries are experiencing challenges to realise stable monetary policies framework in their economies because of evolving risks that come with internal and external shocks in the economy, hence the need for modernising of monetary policy frameworks.

The high level two-day conference on Modernising Monetary Policy Frameworks in Low Income Countries (LICs) is being organised by the IMF and the Bank of Uganda, with support from the UK’s Department for International Development and it will be held at Speke Resort Munoynyo.

In an interview with the Daily Monitor ahead of the conference on Monday, the IMF senior resident representative for Uganda, Ms Coronel Ana, said Bank of Uganda and the IMF are jointly hosting a regional conference to discuss how central banks in Africa plan to move to modern monetary policy frameworks.

Bank of Uganda executive director of research Adam Mugume said in an interview that the conference will also discuss monetary policy aspects including its objectives, targets and instruments in light of the developments in most of the Sub-Saharan African countries that have been using the IMF’s monetary targeting framework since the 1980s.

moketch@ug.nationmedia.com