The Bank of Uganda kept its Central Bank Rate at 12% after a Monetary Policy Committee meeting on November 9, while widening the rate corridor as inflation and currency pressures increased. Africa Business Communities reported the decision.
The committee raised the rediscount and bank rates to 16% and 17%, respectively. Uganda’s annual headline inflation reached 5.8% in October, up from 4.6% in September, while core inflation rose to 4.4% from 3.7%.
The central bank also lowered its growth forecast for the 2026/27 financial year to 5.5–6.0%, from 6.0–6.5%. It cited tighter financial conditions, currency depreciation and uncertainty in the global economy among the risks to the outlook.
Bank of Uganda keeps policy rate at 12% as inflation outlook rises
Uganda’s central bank held its benchmark rate at 12% while raising its inflation forecasts and lowering its growth projection for 2026/27.
Reporting credit: Africa Business Communities · Original source ↗
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