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Uganda's Economic ReformsInsider Accounts$
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Florence Kuteesa, Emmanuel Tumusiime-Mutebile, Alan Whitworth, and Tim Williamson

Print publication date: 2009

Print ISBN-13: 9780199556229

Published to Oxford Scholarship Online: February 2010

DOI: 10.1093/acprof:oso/9780199556229.001.0001

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Exchange Rate, Fiscal, and Monetary Policy

Exchange Rate, Fiscal, and Monetary Policy

Chapter:
(p.52) 3 Exchange Rate, Fiscal, and Monetary Policy
Source:
Uganda's Economic Reforms
Author(s):

Charles Byaruhanga

Mark Henstridge

Louis Kasekende

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199556229.003.0003

This chapter identifies three phases in Uganda's transformation from a war‐torn economy into one that has sustained rapid growth and low inflation since 1992. There were two major reforms in the early 1990s. First the parallel foreign exchange market was legalized in 1990. Following the merger of the finance and planning ministries in 1992, a sharp fiscal adjustment established fiscal discipline and reduced inflation to single figures. The second phase was one of unconventional macro policy for the rest of the 1990s. With little scope for monetary policy, low inflation was sustained largely by tight, short‐term fiscal control. In the 2000s, financial deepening and budget reforms have provided a foundation for a more orthodox mix of fiscal and monetary policy.

Keywords:   exchange rate, fiscal discipline, inflation, monetary, merger of ministries

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