Uganda cuts rate for first time since 2021
Central bank head refuses to comment on World Bank decision to halt funding
The Bank of Uganda cut its policy rate by 50 basis points on August 15, to 9.5%, the first cut in more than two years. The cut follows a tightening cycle last year, in which the central bank raised the key rate from 6.5% to 10%.
Authorities also cut the cash reserve requirement for banks from 10% to 9.5%.
The cut surprised some observers. A Bloomberg story had speculated the central bank might be unable to reduce rates due to the World Bank’s decision on August 8 to halt “new public financing”
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