Bank of Uganda cuts rates by 25bp
Move comes despite inflation having risen for third consecutive month
The Bank of Uganda (BOU) cut its key interest rate by 25 basis points to 10% on August 7.
The monetary policy committee (MPC) made the decision in spite of inflation having risen for a third consecutive month. Annual inflation increased to 4% in July, having previously been 3% in June and 3.6% in May.
The MPC decided that even though there was a risk that inflation could rise further, the impact of external shocks had subsided enough to warrant a rate cut.
The central bank said services inflation
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