The project’s complexity has necessitated preparatory action on several fronts both within the Fund and as part of a dialogue with the Bank of Italy. The testing phase is about to begin, to devise and put in place effective organizational and operating mechanisms and efficient links with the supervisory authorities.
Along with other central banks around the world, the Bank of Uganda prioritises the control of inflation because it is the only institution within the country, which has the tools to do this, through its monetary policy. For most of the last 25 years Uganda has enjoyed relatively low inflation, averaging approximately 6 percent per annum.