This phase was characterised by a deleveraging process that fed into a renewed macroeconomic downturn, producing a pernicious cycle of contracting credit growth and weak demand dynamics that required a forceful monetary policy response.
Emmanuel Tumusiime-Mutebile: An e-learning initiative for Ugandan financial institutions Speech by Mr Emmanuel Tumusiime-Mutebile, Governor of the Bank of Uganda, at the launch of Barclays University, Kampala, 20 July 2006.