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Uganda Holds Key Lending Rate At 10%

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Uganda’s central bank on Monday held its benchmark lending rate at 10 per cent for the third time in a row, the bank’s governor said.

The bank’s Governor, Emmanuel Tumusiime-Mutebile, said in Kampala that it remained unchanged, due to the country’s economic activity which was close to potential.

Tumusiime-Mutebile told a news conference in February that economic growth was on a steady path, with output slightly ahead of the economy’s potential

“The inflation outlook in the intermediate period has improved, largely driven by a relatively stronger shilling and a good crop harvest.

“The economy is projected to grow by about 6.3 per cent in fiscal year 2018/19 (July-June) and remain on a steady growth trajectory over the coming years,” Tumusiime-Mutebile said.

He said that rising trade protectionism around the world could however, hurt demand for Uganda’s exports, adding that the damage would not be enough to dent this year’s growth forecast.

 

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