Bank of Uganda implements 100bp rate cut

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The Bank of Uganda implemented a sharp rate cut at its policy meeting today (October 8), in an effort to accelerate economic growth.

As a result, the central bank rate now stands at 9%, down from 10%. The rediscount rate is now 13%, and the bank rate 14%.

The main goal of the measure is to address subdued economic growth. “The economy still has spare capacity and lower interest rates will help reduce the output gap,” says the policy statement.

The Bank of Uganda “believes the benign inflation

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