Accessibility links

Breaking News

Kampala Holds on Interest Rates

FILE - Motorists and cyclists are seen at a traffic light intersection in this general scene of Kampala, Uganda, Nov. 16, 2022.

KAMPALA - Uganda's central bank on Thursday held its key lending rate at 10.0%, saying the near-term risks to the inflation outlook remained elevated.

The decision, announced by deputy governor Michael Atingi-Ego at a news conference, is the third time in a row the bank has kept its main policy rate unchanged.

Inflation fell to 9.0% year-on-year in March from 9.2% a month earlier.

Central banks all over Africa have had to walk the tightrope on interest rates vis-a-vis inflation, working to "cool" demands that have sent prices soaring while not choking off the economy to the point of recession.