{"id":24267,"date":"2011-10-05T03:33:00","date_gmt":"2011-10-05T07:33:00","guid":{"rendered":"http:\/\/countingpips.com\/fx\/2011\/10\/05\/bank-of-uganda-ups-rate-400bps-to-20-00\/"},"modified":"2011-10-05T03:33:00","modified_gmt":"2011-10-05T07:33:00","slug":"bank-of-uganda-ups-rate-400bps-to-20-00","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/10\/05\/bank-of-uganda-ups-rate-400bps-to-20-00\/","title":{"rendered":"Bank of Uganda Ups Rate 400bps to 20.00%"},"content":{"rendered":"

The Bank of Uganda<\/a> hiked its<\/span><\/span> new monetary policy interest rate (the central bank rate [CBR]) by 400 basis points to 20.00% from 16.00% previously.  The Bank also raised the rediscount rate to 25.00% and the Bank Rate to 26.00%, by the same margin.  Bank of Uganda Governor, Emmanuel Tumusiime-Mutebile, said: “This should be seen as a clear signal to bring inflation under control,” signalling a hard-line against Uganda’s double digit inflation; “However, should the upside risk to inflation continue in the months ahead, then monetary policy will be tightened further.”<\/span><\/span>
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<\/a><\/a><\/span><\/span><\/a>Previously the Ugandan central bank increased its interest rate<\/a> by 200bps to 16.00% in September, after hiking 100bps<\/a> at its August meeting, and previously setting the new <\/span>central bank rate<\/a> <\/span>at 13.00% at its June meeting.  The Bank only recently began using the 7-day interbank rate to influence inflation, also commencing official targeting inflation<\/a>; the Bank previously announced an inflation target of 7%, and noted it has a 5% core inflation target in its September press release<\/span>.  <\/span><\/span><\/span>

Uganda reported annual headline inflation of 28.3% in September, up from 21.4% in August, 18.8% in July, 18.7% in June this year, 16% in May, and 14.1% in April, while core inflation was 27.5% in September.  <\/span><\/span><\/span>Uganda reported annual GDP<\/a> growth of 6.3% in the fiscal year to June, compared to 5.5% in the same period last year.  <\/span><\/span><\/span>

The Ugandan shilling<\/a> (UGX) has depreciated by about 23% against the US dollar so far this year; the USDUGX exchange rate<\/a> last traded around 2,865, near the highest (2,885) on record (against a low of 1570 in 2008).<\/span><\/p>\n

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www.CentralBankNews.info<\/a><\/span><\/span><\/span><\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n
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The Bank of Uganda hiked its new monetary policy interest rate (the central bank rate [CBR]) by 400 basis points to 20.00% from 16.00% previously.  The Bank also raised the rediscount rate to 25.00% and the Bank Rate to 26.00%, by the same margin.  Bank of Uganda Governor, Emmanuel Tumusiime-Mutebile, said: “This should be seen as a clear … <\/p>\n

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