{
  "title": "Uganda: Central Bank Transparency Code Review",
  "publication": "IMF Staff Country Reports, February 16, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2023/02/14/uganda-central-bank-transparency-code-review-imf-country-report-no-529812",
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  "summary": "This paper on Uganda discusses Central Bank Transparency Code Review. The Bank of Uganda (BOU) is implementing transparency practices that are broadly aligned with the good practices for central banks.",
  "sections": [
    {
      "heading": "Key findings and executive summary",
      "content": "- The Bank of Uganda (BOU) is implementing transparency practices that are broadly aligned with the good practices for central banks.\n- 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.\n- The BOU has improved macroprudential policies and the analytical framework aimed at mitigating systemic risks, but decisions leading to macroprudential actions are not explained.\n- 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.\n- The mission found that BOU’s transparency practices largely conform to various dimensions of transparency as information is disseminated through several channels."
    },
    {
      "heading": "Monetary policy transparency",
      "content": "- Ongoing improvements in communication of the monetary policy framework.\n- Identified gap: limited disclosure of policy deliberations that underlie monetary decisions.\n- Recommendation implied by findings: enhance transparency through disclosure of deliberative processes or summaries thereof."
    },
    {
      "heading": "Macroprudential policy and systemic-risk framework",
      "content": "- The BOU has strengthened macroprudential policies.\n- The analytical framework aimed at mitigating systemic risks has improved.\n- Identified gap: rationale and decision-making processes that lead to macroprudential actions are not publicly explained."
    },
    {
      "heading": "Anti-corruption framework and confidentiality",
      "content": "- The anti-corruption legal framework in Uganda applies to the BOU.\n- Identified gap: absence of public-domain details on how the anti-corruption framework is applied and enforced with respect to the BOU.\n- 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."
    },
    {
      "heading": "Overall assessment",
      "content": "- Transparency practices largely conform to various dimensions of transparency.\n- Information is disseminated through several channels, supporting the BOU’s overall transparency posture.\n- Remaining areas for enhancement focus on explaining deliberations and enforcement/application details for anti-corruption measures.\n\n---\n\n Content in this bundle\n\n- Uganda: Central Bank Transparency Code Review; IMF Country Report No. 23/86; January 30, 2023\n  - Uganda: Central Bank Transparency Code Review; IMF Country Report No. 23/86; January 30, 2023 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Uganda: Central Bank Transparency Code Review; IMF Country Report No. 23/86; January 30, 2023 (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "Published: February 16, 2023",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400233975.002",
    "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.",
    "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.",
    "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.",
    "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.",
    "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.",
    "**Uganda: Central Bank Transparency Code Review; IMF Country Report No. 23/86; January 30, 2023**"
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      "title": "Uganda: Central Bank Transparency Code Review; IMF Country Report No. 23/86; January 30, 2023",
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