Uganda cenbank says to tighten monetary policy

Uganda's central bank on Thursday announced a rise in commercial bank reserve requirements from next week in a bid to stem inflationary pressures from the weakening shilling. "Effective December 18, reserve requirements are to be adjusted upwards by one percentage point," deputy governor Louis Kasekende said.

This will raise reserve requirements to 9.0% on time and savings deposits and 10.0% on demand deposits for both local and foreign denominated accounts. In September the Bank raised the re