Bank of Uganda takes rate hikes to 600bp in five meetings

Central Bank of Uganda crest

Uganda's central bank raised its benchmark rate by another 100 basis points today (October 20) to 17%, despite suggesting its earlier actions have "already dampened inflation pressures".

Since April the bank has raised its key rate by 600bp, noting the latest move was warranted to "ensure medium-term inflation converges towards the bank's policy target of 5%".

Inflation rose from 4.8% in August to 7.2% in September, with core inflation also picking up to 6.7%. The central bank expects inflation

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