Between the end of May 2011 and the end of September 2011, the nominal  4  BIS central bankers’ speeches  exchange rate of the Ugandan Shilling depreciated by 19 percent against the US dollar, as shown in figure 3. The exchange rate depreciation drove up the domestic prices of imports; for example fuel, clothing and various household goods.
So monetary policy is having more impact than before on the financing conditions for longterm investments. This is particularly crucial for financing investments linked to the energy transition. In short, we are creating favourable conditions for long-term investment, and it is up to the governments and the European institutions to take advantage of these conditions. 2  BIS central bankers’ speeches