{"id":27904,"date":"2012-03-02T14:10:00","date_gmt":"2012-03-02T19:10:00","guid":{"rendered":"http:\/\/countingpips.com\/fx\/2012\/03\/02\/bank-of-uganda-cut-central-bank-rate-100bps-to-21-00\/"},"modified":"2012-03-02T14:10:00","modified_gmt":"2012-03-02T19:10:00","slug":"bank-of-uganda-cut-central-bank-rate-100bps-to-21-00","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2012\/03\/02\/bank-of-uganda-cut-central-bank-rate-100bps-to-21-00\/","title":{"rendered":"Bank of Uganda cut Central Bank Rate 100bps to 21.00%"},"content":{"rendered":"<div align=\"right\"><script type=\"text\/javascript\">\ntweetmeme_style = 'compact';\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/tweetmeme.com\/i\/scripts\/button.js\"><\/script><\/div>\n<p><span>The&nbsp;<\/span><a href=\"http:\/\/www.bou.or.ug\/\" target=\"_blank\">Bank of Uganda<\/a><span><span><span>&nbsp;dropped its&nbsp;new monetary policy interest rate (the central bank rate [CBR]) another 100 basis points to 21.00% from 22.00% previously. &nbsp;The rediscount rate and Bank rate were also reduced by 100 basis points to 25% and 26% respectively. &nbsp;Bank of Uganda Governor, Emmanuel Tumusiime-Mutebile, said: &#8220;Looking ahead, BoU will continue to conduct prudent monetary policy to bring inflation close to 5 percent over the medium term and also ensure a firm anchoring of the inflation expectations in line with the BoU&#8217;s aim of maintaining price stability&#8221;<\/span><\/span><\/span><br \/><a name='more'><\/a><br \/><span>The Ugandan central bank also cut the rate <a href=\"http:\/\/www.centralbanknews.info\/2012\/02\/bank-of-uganda-cuts-interest-rate.html\">100 basis points<\/a> in February, and last increased its&nbsp;<a href=\"http:\/\/www.centralbanknews.info\/2011\/11\/bank-of-uganda-lifts-rate-300bps-to.html\" target=\"_blank\">interest&nbsp;rate<\/a>&nbsp;by 300 basis points in November, and&nbsp;<a href=\"http:\/\/www.centralbanknews.info\/2011\/10\/bank-of-uganda-ups-rate-400bps-to-2000.html\" target=\"_blank\">400bps to 20%<\/a>&nbsp;in October, after hiking&nbsp;<a href=\"http:\/\/www.centralbanknews.info\/2011\/09\/bank-of-uganda-hikes-rate-200bps-to.html\" target=\"_blank\">200bps<\/a>&nbsp;in September, and&nbsp;<a href=\"http:\/\/www.centralbanknews.info\/2011\/08\/bank-of-uganda-raises-interest-rate.html\" target=\"_blank\">100bps<\/a>&nbsp;at its August meeting, and previously setting the new&nbsp;<\/span><span><a href=\"http:\/\/www.centralbanknews.info\/2011\/07\/bank-of-uganda-sets-new-interest-rate.html\" target=\"_blank\">central bank rate<\/a>&nbsp;<\/span><span>at 13.00% at its June meeting. &nbsp;The Bank only recently began using the 7-day interbank rate to influence inflation, also commencing official&nbsp;<a href=\"http:\/\/www.centralbanknews.info\/2011\/06\/uganda-central-bank-to-start-inflation.html\" target=\"_blank\">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. &nbsp;<\/span><br \/><span><br \/>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. &nbsp;<\/span><span>Uganda reported annual&nbsp;<a href=\"http:\/\/www.businesslive.co.za\/africa\/africa_markets\/2011\/10\/04\/uganda-ups-rates-to-20-percent-to-curb-inflation\" target=\"_blank\">GDP<\/a>&nbsp;growth of 6.3% in the fiscal year to June, compared to 5.5% in the same period last year. &nbsp;<\/span><br \/><span><br \/>The&nbsp;<a href=\"http:\/\/www.ugpulse.com\/uganda-news\/business\/uganda-awarded-for-having-best-currency\/22004.aspx\" target=\"_blank\">Ugandan shilling<\/a>&nbsp;(UGX) is flat against the US dollar over the past year; while the USDUGX exchange&nbsp;rate&nbsp;last traded around 2,466, off from the highest (2,885) on record (against a low of 1570 in 2008).<\/span><\/p>\n<div>\n<div>\n<div>\n<div><\/div>\n<div><a href=\"http:\/\/www.centralbanknews.info\/\" target=\"_blank\">www.CentralBankNews.info<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div><img loading=\"lazy\" decoding=\"async\" width=\"1\" height=\"1\" src=\"https:\/\/blogger.googleusercontent.com\/tracker\/8290544642025682538-837766703458616715?l=www.centralbanknews.info\" alt=\"\" \/><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The&nbsp;Bank of Uganda&nbsp;dropped its&nbsp;new monetary policy interest rate (the central bank rate [CBR]) another 100 basis points to 21.00% from 22.00% previously. &nbsp;The rediscount rate and Bank rate were also reduced by 100 basis points to 25% and 26% respectively. &nbsp;Bank of Uganda Governor, Emmanuel Tumusiime-Mutebile, said: &#8220;Looking ahead, BoU will continue to conduct prudent &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2012\/03\/02\/bank-of-uganda-cut-central-bank-rate-100bps-to-21-00\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Bank of Uganda cut Central Bank Rate 100bps to 21.00%&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-27904","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/27904","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=27904"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/27904\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=27904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=27904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=27904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}