Uganda keeps rates on hold despite rising core inflation

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The Bank of Uganda left policy rates unchanged after its monetary policy meeting on August 13, despite forecasting that core inflation will continue to rise.

The key central bank rate stays at 9%, the discount rate at 13%, and the bank rate at 14%. “Given the objective of keeping inflation close to target and the need to contribute to attaining sustainable economic growth, a neutral monetary policy stance is warranted,” says governor Emmanuel Tumusiime-Mutebile.

The Bank of Uganda says core

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