## Uganda: Central Bank Transparency Code Review

_IMF Staff Country Reports, February 16, 2023_

## Source details

**Canonical URL:** [Uganda: Central Bank Transparency Code Review](https://www.imf.org/en/publications/cr/issues/2023/02/14/uganda-central-bank-transparency-code-review-imf-country-report-no-529812)

## Other formats

- [Markdown version](/en/publications/cr/issues/2023/02/14/uganda-central-bank-transparency-code-review-imf-country-report-no-529812/index.md)
- [Structured JSON version](/en/publications/cr/issues/2023/02/14/uganda-central-bank-transparency-code-review-imf-country-report-no-529812/index.json)
- [Bundle manifest](/en/publications/cr/issues/2023/02/14/uganda-central-bank-transparency-code-review-imf-country-report-no-529812/bundle-manifest.json)

## 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**
  - [Uganda: Central Bank Transparency Code Review; IMF Country Report No. 23/86; January 30, 2023 (Markdown version)](/-/media/files/publications/cr/2023/english/1ugaea2023002.pdf.md){rel="alternate" type="text/markdown"}
  - [Uganda: Central Bank Transparency Code Review; IMF Country Report No. 23/86; January 30, 2023 (PDF)](/-/media/files/publications/cr/2023/english/1ugaea2023002.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/cr/issues/2023/02/14/uganda-central-bank-transparency-code-review-imf-country-report-no-529812_