In response to this situation, the Bank introduced the current quantitative easing policy framework, which has two pillars: provision by the Bank of ample liquidity to the money market so that the outstanding balance of current accounts at the Bank exceeds the amount of required reserves; and a commitment by the Bank to continue with this ample provision of liquidity until the year-on-year rate of change in the CPI (excluding fresh food) registers zero percent or higher on a sustainable basis.
I take this opportunity to congratulate the Board, Management and staff of Standard Chartered Bank Uganda for pioneering many innovative digital banking solutions in the financial services sector in Uganda, especially in the recent past.