Uganda: Central Bank Transparency Code Review
IMF Staff Country Reports, February 16, 2023
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- Uganda: Central Bank Transparency Code Review
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Bibliographic details
- Published: February 16, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400233975.002
Key findings and executive summary
- The Bank of Uganda (BOU) is implementing transparency practices that are broadly aligned with the good practices for central banks.
- The BOU continues to improve communication of its monetary policy framework in a transparent manner, but there is room to enhance transparency by disclosing policy deliberations.
- The BOU has improved macroprudential policies and the analytical framework aimed at mitigating systemic risks, but decisions leading to macroprudential actions are not explained.
- The anti-corruption legal framework in Uganda applies to the BOU; however, no details are disclosed in the public domain as to how it is applied and enforced with respect to the BOU.
- The mission found that BOU’s transparency practices largely conform to various dimensions of transparency as information is disseminated through several channels.
Monetary policy transparency
- Ongoing improvements in communication of the monetary policy framework.
- Identified gap: limited disclosure of policy deliberations that underlie monetary decisions.
- Recommendation implied by findings: enhance transparency through disclosure of deliberative processes or summaries thereof.
Macroprudential policy and systemic-risk framework
- The BOU has strengthened macroprudential policies.
- The analytical framework aimed at mitigating systemic risks has improved.
- Identified gap: rationale and decision-making processes that lead to macroprudential actions are not publicly explained.
Anti-corruption framework and confidentiality
- The anti-corruption legal framework in Uganda applies to the BOU.
- Identified gap: absence of public-domain details on how the anti-corruption framework is applied and enforced with respect to the BOU.
- Recommendation: BOU should consider compiling and developing a policy on confidentiality that includes the reasons underlying the choices it has made on disclosure or nondisclosure.
Overall assessment
- Transparency practices largely conform to various dimensions of transparency.
- Information is disseminated through several channels, supporting the BOU’s overall transparency posture.
- Remaining areas for enhancement focus on explaining deliberations and enforcement/application details for anti-corruption measures.
Content in this bundle
- Uganda: Central Bank Transparency Code Review; IMF Country Report No. 23/86; January 30, 2023