Furthermore, in these regimes policy stance is determined by domestic conditions not by an external anchor. Deficiencies in institutional development in many of the surplus generating countries do not always receive sufficient attention in the discussion on global imbalances, which tend to focus excessively on the need for exchange rate adjustment.
With these remarks, I once again extend my heartfelt congratulations to KCB Uganda on this milestone of marking ten years of banking services in Uganda and I wish you many more fruitful years to come. I thank you. Mission: To foster price stability and a sound financial system Macroeconomic stability  Vision: To be a centre of excellence in upholding  Page 5