{"id":27040,"date":"2012-02-01T12:24:00","date_gmt":"2012-02-01T17:24:00","guid":{"rendered":"http:\/\/countingpips.com\/fx\/2012\/02\/01\/bank-of-uganda-cuts-interest-rate-100bps-to-22-00\/"},"modified":"2012-02-01T12:24:00","modified_gmt":"2012-02-01T17:24:00","slug":"bank-of-uganda-cuts-interest-rate-100bps-to-22-00","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2012\/02\/01\/bank-of-uganda-cuts-interest-rate-100bps-to-22-00\/","title":{"rendered":"Bank of Uganda Cuts Interest Rate 100bps to 22.00%"},"content":{"rendered":"

The <\/span><\/span>Bank of Uganda<\/a> cut its new monetary policy interest rate (the central bank rate [CBR]) 100 basis points to 22.00% from 23.00% previously.  The rediscount rate and Bank rate were also reduced by 100 basis points to 26% and 27% respectively.  Bank of Uganda Governor, Emmanuel Tumusiime-Mutebile, said: “Compared to the previous month, the BOU now believes that the prospects for a fall in inflation during the course of 2012 have strengthened.  The BOU is now confident that inflation will be reduced to single digit levels by the end of 2012,”<\/span><\/span><\/p>\n

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Previously the Ugandan central bank last 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>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>

The Ugandan shilling<\/a> (UGX) has depreciated by about 3% against the US dollar over the past year; while the USDUGX exchange rate last traded around 2,335, 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><\/div>\n<\/div>\n<\/div>\n<\/div>\n
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The Bank of Uganda cut its new monetary policy interest rate (the central bank rate [CBR]) 100 basis points to 22.00% from 23.00% previously.  The rediscount rate and Bank rate were also reduced by 100 basis points to 26% and 27% respectively.  Bank of Uganda Governor, Emmanuel Tumusiime-Mutebile, said: “Compared to the previous month, the BOU now believes … <\/p>\n

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