Economic news
Uganda central bank lowers key rate as inflation risks ease
2024.08.07 06:53
KAMPALA (Reuters) – Uganda’s central bank reduced its key lending rate by 25 basis points to 10.00% on Wednesday, saying inflation risks had eased somewhat and it was appropriate to reduce the degree of monetary policy restrictiveness.
The decision by the Bank of Uganda comes despite a slight increase in year-on-year inflation since May.
Inflation reached 4.0% year on year in July, but it is still below the central bank’s medium-term target of 5%.
