Uganda central bank keeps policy rate at 12%
By the AFREEQUE newsroom, based on Daily Monitor
Bank of Uganda keeps its policy rate at 12% despite expected inflation rising over the next 12 months. Governor Michael Atingi-Ego cites higher global oil prices and a weaker shilling, following the 9 November monetary policy meeting, according to Daily Monitor.
Bank of Uganda kept its policy rate at 12% on Monday, despite expected inflation rising due to higher global oil prices, a fall in the Ugandan shilling and the repercussions of the conflict in the Middle East. The decision was taken by the central bank's Monetary Policy Committee at its 9 November 2026 meeting, its governor Michael Atingi-Ego announced, according to Daily Monitor.
Uganda's economic growth is expected to average about 8% a year over the next five years, supported by private investment, improved exports, expected development of the oil sector and implementation of the government's Tenfold Growth Strategy, according to Daily Monitor.
The rate hold comes after Bank of Uganda raised its policy rate to 12% on 14 October 2026. This policy rate increase had been the previous step in the central bank's monetary policy.
