Market News
Uganda central bank holds key rate for fifth meeting - REUTERS
KAMPALA, Nov 10 (Reuters) – Uganda’s central bank maintained its benchmark lending rate at 9.75%on Monday, the fifth policy meeting in a row it has been kept unchanged.
Governor Michael Atingi-Ego told a press conference that the decision was aimed at containing inflation while supporting economic growth.
He said the bank had revised down its forecast for core inflation to 4%-4.5% this fiscal year, compared with a previous forecast of 4.5%-4.8%.
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The central bank now forecasts economic growth of 6.5%-7% in the 2025/26 fiscal year, up from an earlier forecast of 6%-6.5%.
Consumer prices in Africa’s top coffee exporter have been relatively subdued in recent months.
Core inflation declined to 3.4% year-on-year last month, below the Bank of Uganda’s medium-term target of 5%.
