Bank of Uganda annual report emphasises adaptation to tough times


Writing in the Bank of Uganda's annual report for 2011/12, Emmanuel Tumusiime-Mutebile, the governor of the central bank, said the past year had been "very challenging", but monetary policy, including a move to inflation targeting, helped to bring inflation down.

The report said headline inflation rose from 5% at the start of 2011 to a peak of 30.5% in October 2011. In response, the central bank raised interest rates as high as 23% by the end of the year. The governor noted this succeeded in

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