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BoU holds key lending rate at 10pct

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Uganda’s central bank left its key lending rate unchanged at 10 percent on Friday, saying economic activity was picking up.

Bank of Uganda Governor Emmanuel Tumusiime-Mutebile said the economy had gathered momentum in first half of 2017 and would grow at 5 to 5.5 pct in 2017/18.

“Given the fact that inflation is expected to remain around the medium- term target and that economic activity is picking up, with output approaching potential … the BoU will therefeore leave CBR unchanged,” Tumusiime-Mutebile told a news conference.

REUTERS

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