African central banks advised on curbing inflation
The Governor Bank of Uganda, Mr Emmanuel Tumusiime Mutebile, has asked African central banks to adopt the inflation targeting monetary policy frameworks, saying it is very effective in controlling the increase in prices of commodities and stabilising interest rates.
While delivering his keynote address during the International Monetary Fund and Bank of Uganda conference in Kampala yesterday, Mr Mutebile said: “I strongly believe that it is both feasible and desirable for central banks in Sub-Saharan Africa to modernise their monetary policies and adopt inflation targeting frameworks.”
The conference sought to find ways through which African economies can transition to modern monetary policy frameworks for low income countries.
Uganda implemented the inflation targeting-monetary policy framework in 2011 after inflation had skyrocketed to 30.1 per cent.