IMF trains EAC central bank chiefs

By AGENCIES

EAST Africa’s central bank chiefs are training in monetary and exchange rate policy, to acquaint themselves with skills to cope with the changing economic trends.

The two week workshop, which brought together 34 participants, was sponsored by the Institute for Capacity Development of the International Monetary Fund in partnership with East African Regional Training Centre.

The objective of the training is to broaden participants’ understanding of monetary and exchange rate policy, drawing from experiences from emerging economies in sub-Saharan Africa and around the world.

Shifting needs

The training is in line with IMF’s new strategy aimed at better coordinating technical assistance and training and enhancing capacity development in response to the shifting needs and priorities of member countries.

East Africa’s central banks have since last year been struggling to contain inflation which in Uganda peaked at 30.2 per cent in October last year. Uganda’s growth was adversely affected by inflation slowing to 3.2 per cent according to IMF’s projections in the first half of 2012.

The training was a follow up of a recent seminar on monetary policy frameworks organised by the IMF’s African Department for governors of central banks in the region.