Bank of Uganda cuts rate and warns of lasting disruption

Kampala, Uganda

The Bank of Uganda cut its policy rate by one percentage point on June 8, warning Covid-19 continues to exert a significant effect on the Ugandan economy, even as lockdown measures are eased.

The policy rate now stands at 7%. The central bank also cut the target band for the policy rate to +/- two percentage points, down from +/- three.

“The pandemic continues to spread, with wide-ranging social and economic effects,” said governor Emmanuel Tumusiime-Mutebile in a statement. The Bank of Uganda

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