Bank of Uganda takes rate hikes to 600bp in five meetings
Bank of Uganda raises rate for fifth consecutive time to 17%
Uganda's central bank raised its benchmark rate by another 100 basis points today (October 20) to 17%, despite suggesting its earlier actions have "already dampened inflation pressures".
Since April the bank has raised its key rate by 600bp, noting the latest move was warranted to "ensure medium-term inflation converges towards the bank's policy target of 5%".
Inflation rose from 4.8% in August to 7.2% in September, with core inflation also picking up to 6.7%. The central bank expects inflation
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