Michael Naameh, Director and Chief Investment Officer of Crown Agents Investment Management, addressed the Bank for International Settlements (BIS) meeting on reserve management in Kampala in March 2010.
The meeting and agenda were aimed at central bank officials with responsibility for foreign reserve management policy and investment strategy. Twenty five African central banks took part in the meeting in addition to representatives from the IMF, World Bank, European Central Bank, Federal Reserve and seven non-African central banks. Crown Agents was invited to participate in recognition of its strong involvement in sovereign asset and liability management and long-term contribution to capacity building in the region as a development partner.
The topics discussed included trends in reserve diversification, currency composition and cooperation among African central banks. Michael Naameh provided an analysis of the role of Sterling as a reserve currency and UK Gilts as a reserve asset in the current hostile market environment.
The BIS and delegates appreciated Bank of Uganda's generous contribution to the meeting both as an interlocutor and host.