The study looked at how excess reserves in banks and interbank interest rates in Uganda are related. They found that excess reserves don't directly affect interbank rates, but they can influence them when there is no intervention. Central Bank intervention does impact interbank rates, but there is no direct link between the two. When interbank rates go beyond the target, excess reserves don't have an effect. Overall, Uganda's financial system is not deep enough for a clear connection between interbank rates and excess reserves, so a set intervention policy may not work well there.