An objective and professional media which has credibility with the public is of much more value to the central bank than an uncritical media which no one takes very seriously. The interests of the media and those of the Bank of Uganda are not identical but that does not mean that we cannot work together in a harmonious manner.
2 The substitution of risk-free government securities for less liquid assets on the balance sheets of core financial institutions acts as a kind of lubricant to the machinery of banking. In return, these core institutions are expected to pass on the extra liquidity through other market participants and, ultimately, into the real economy.