Even better, the resources that would have otherwise gone into producing the stored goods could be diverted to the production of new capital assets, which would produce an even greater quantity of goods and services for later use. In the latter case, we would be raising output per worker hour, our traditional measure of productivity.
Today, while you are reflecting on the achievements of the Bank for the last 50 years, I am going to focus the way forward towards “A Successful Regional Integration in the East African Community: The Role of Central Banks”. I am happy to note that Central Banks in the region have adopted a coordinated approach to monetary and financial policy formulation and implementation.