2  We were able to resolve Crane Bank successfully, without any loss to its depositors, and without any contagion to the rest of the banking system. Public confidence in the safety of depositors’ funds has been maintained. I believe that this is testimony to both the underlying financial strength of the Ugandan banking industry and the efficacy of our bank resolution framework.
Paradoxically, inflation has been low for so long in some countries that people seem to be forgetting what it was like in the pre-independence era. Recent examples of central banks whose independence has been severely compromised and where inflation and interest rates have drifted away from healthy levels should serve as a useful reminder.