Bank of Uganda raises rates 100bp at unscheduled meeting

Move is second increase in as many months as governor’s post remains unfilled

Bank of Uganda, Kampala
Bank of Uganda

The Bank of Uganda held an unscheduled monetary policy meeting on July 5, increasing the bank rate by 100 basis points to 8.5%.

This takes the central bank rate to its highest level since February 2020, and follows a 100bp rise in June. The central bank had been due to hold its next monetary policy meeting in August.

The central bank also increased the cash reserve requirement for commercial lenders to 10%, from 8%, and made this retroactively effective from June 23.

In its press release

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