Uganda CB holds key rate, raises growth forecast

Uganda's central bank held its key lending rate for a fifth consecutive monetary policy meeting, saying it had confidence that the economic outlook was improving as it raised its growth forecast for this year.

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The Bank of Uganda's Central Bank Rate (CBR) has stood at 9.75 per cent since October last year.

Governor Michael Atingi-Ego told a press conference that the bank's Monetary Policy Committee (MPC) had revised down its estimate of this fiscal year’s core inflation to between 4-4.5 percent, from 4.5-4.8 per cent previously.