The Bank of Uganda key rate will stay at 9.75% for the fourth straight monetary policy meeting. Governor Michael Atingi-Ego said the decision reflects global economic uncertainties and ongoing inflation risks.
He explained that the inflation outlook remains largely unchanged from May. However, near-term projections have improved slightly due to a stronger exchange rate and falling global oil prices.
Uganda’s core inflation dropped to 4.1% in July from 4.2% in June. Lower services inflation drove the decline. The central bank targets 5% core inflation over the medium term and will continue monitoring both local and international developments to maintain stability.
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