Uganda central bank lowers policy rate to 9.5% as inflation falls By Reuters

© Reuters. FILE PHOTO: A general view shows the capital city of Kampala in Uganda, July 4, 2016. REUTERS/James Akena

KAMPALA (Reuters) – Uganda’s central bank on Tuesday lowered its key lending rate to 9.5% from 10.0%, as inflation has fallen sharply since the start of the year.

The decision, announced by Deputy Governor Michael Atingi-Ego at a news conference, follows four monetary policy meetings where the rate was left unchanged.

It is the first time the bank has cut its policy rate since 2021.

Inflation fell to 3.9% year-on-year in July, down from 10.4% in January and a peak of 10.7% in October last year.

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