Uganda’s central bank raised interest rates for the first time in three years on October 3, as rising oil prices, tax reform and a weaker currency threaten the trajectory of inflation.
The central bank’s monetary policy committee raised interest rates by 100 basis points to 10%, concerned inflation would breach the institution’s 5% target over the next year.
“Rapidly rising oil prices coupled with a weaker shilling exchange rate and indirect tax increases have pushed up inflation,” the
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