Uganda central bank holds its key lending rate at 10%

Governor Prof. Emmanuel Tumusiime-Mutebile issuing the Monetary Policy Statement for April 2019
By :
AT Team

KAMPALA (Africa Tembelea) – Uganda’s central bank on Monday held its benchmark lending rate at 10 percent for the third time in a row, the bank’s Governor Emmanuel Tumusiime-Mutebile said, citing economic activity which is close to potential.

Consumer-price growth was unchanged at 3 percent in March and the central bank sees the rate remaining close to 5 percent in the next two to three years. Inflation will probably peak at 6.3 percent in the third quarter of 2021, said Governor Mutebile.

According to a statement read by Tumusiime Mutebile, “The risks to the outlook include the future direction of food crops prices in the wake of uncertain weather conditions, the strength of domestic aggregate demand and the path of the exchange rate.”

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