Bank of Uganda hikes rates for first time since 2015

Uganda shillings

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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