Persistently abovetarget inflation in combination with clear upside risks led us to normalise our monetary policy stance so that demand becomes better aligned with reduced supply. In December 2021, the Governing Council decided to discontinue net asset purchases under the PEPP by the end of March 2022, and bring APP purchase volumes back, as soon as possible, to pre-pandemic levels.
*  *  *  Ladies and gentlemen, Let me begin by welcoming everyone to this conference and, to those of you who have travelled from abroad, to Uganda. The theme of the conference is “Econometric Analysis and Policy Challenges in Africa”.