{"id":26344,"date":"2012-01-03T13:23:00","date_gmt":"2012-01-03T18:23:00","guid":{"rendered":"http:\/\/countingpips.com\/fx\/2012\/01\/03\/bank-of-uganda-holds-monetary-policy-rate-at-23-00\/"},"modified":"2012-01-03T13:23:00","modified_gmt":"2012-01-03T18:23:00","slug":"bank-of-uganda-holds-monetary-policy-rate-at-23-00","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2012\/01\/03\/bank-of-uganda-holds-monetary-policy-rate-at-23-00\/","title":{"rendered":"Bank of Uganda Holds Monetary Policy Rate at 23.00%"},"content":{"rendered":"

The <\/span><\/span>Bank of Uganda<\/a> held its<\/span> new monetary policy interest rate (the central bank rate [CBR]) unchanged at 23.00%.  The Bank also reduced by 100 basis points the rediscount rate to 27.00% and the Bank Rate to 28.00%.  Bank of Uganda Governor, Emmanuel Tumusiime-Mutebile, said: “I acknowledge the fact that the long-term solution to controlling inflation rests on addressing the structural constraints and improving productivity, but controlling inflation in the short to medium term is extremely crucial in stimulating this long-term economic growth.”<\/span><\/span><\/span><\/span>
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<\/a>Previously the Ugandan central bank increased its interest rate<\/a> by 300 basis points in November, and 400bps to 20%<\/a> in October, after hiking 200bps<\/a> in September, and 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>

Uganda reported annual headline inflation of 27% in December, down from 29% in November, and 30.5% in October, compared to previous readings of 28.3% in September, 21.4% in August, 18.8% in July, 18.7% in June, 16% in May, and 14.1% in April, while core inflation was 29% in December.  <\/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>

The Ugandan shilling<\/a> (UGX) has depreciated by about 8% against the US dollar so far this year; the USDUGX exchange rate last traded around 2,450, off from 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><\/div>\n<\/div>\n<\/div>\n<\/div>\n
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The Bank of Uganda held its new monetary policy interest rate (the central bank rate [CBR]) unchanged at 23.00%.  The Bank also reduced by 100 basis points the rediscount rate to 27.00% and the Bank Rate to 28.00%.  Bank of Uganda Governor, Emmanuel Tumusiime-Mutebile, said: “I acknowledge the fact that the long-term solution to controlling inflation rests on … <\/p>\n

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