Uganda’s central bank cuts rates to historic lows
Uncertainty around the future path of Covid-19 weighs on growth prospects, governor says
The Bank of Uganda’s monetary policy committee cut the policy rate by 50 basis points, on the back of uncertainties around growth and inflation.
The central bank rate is now at 6.5%, the lowest it has been since the central bank’s current monetary policy framework was introduced in 2011.
In a statement, governor Emmanuel Tumusiime-Mutebile said the rate cut would help address risks to the economic outlook, which he said were “still on the downside”.
He noted there was “considerable excess
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