Moreover, in a democratic society accountability for policies is the logical complement to independence. In this context, I shall address the issue of how we pursue our aim to be as open, transparent and responsible as possible. I shall conclude with a brief discussion of the relationship between the monetary and fiscal authorities.
I am happy to report that significant progress has been made to harmonize monetary policies & frameworks, and macroeconomic statistics. Similarly, much effort has gone into modernizing and integrating payment systems, including financial markets infrastructure. We are now moving on towards full convertibility of EAC currencies.