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Bank of Uganda

Several white fuel tankers bearing "Danger Petrol" signs parked on a dirt lot at a storage depot in Jinja, Uganda, under a blue sky.
Inflation

Fuel prices push inflation higher in May

Headline inflation edged up in May as energy and transport costs climbed sharply amid higher global oil prices
The oil and chemical tanker Petrel Pacific moored at a terminal during twilight, discharging ballast water.
Monetary policy

Bank of Uganda’s Monetary Policy Statement for May 2026 — Full text

Monetary Policy Committee keeps rates on hold for a seventh consecutive meeting but raises its inflation outlook as fuel costs begin feeding through
Kampala road in Kampala on a busy day

Rising energy prices push inflation higher in April

Inflation rose to 3% in April as fuel and transport costs increased, highlighting growing energy-driven price pressures
The Bank of Uganda's headquarters in Kampala
Sovereign bonds

February’s bond rally fades as 10-year yield jumps 100 basis points

Uganda's 10-year bond yield rose a full percentage point in two months, partially reversing February's contraction even as investor demand hit exceptional levels
The offices of the Ministry of Finance and Economic Development in Kampala

Uganda’s oil moment approaches — but the risks are multiplying

Uganda's first oil is due in H2 2026, but timing risks, fiscal pressures, and a Middle East conflict cloud the outlook
A stack of Ugandan shilling banknotes—50,000, 20,000, 10,000, and 5,000—arranged in a currency counting machine.

Uganda bonds draw strong demand as yields fall to near two-year lows

Investors accepted sub-coupon rates across all three tenors at February's auction, signalling a marked shift in sentiment towards Ugandan sovereign debt
Michael Atingi-Ego, Bank of Uganda deputy governor, at a meeting at the bank's Kampala headquarters, February 2024.

Bank of Uganda’s Monetary Policy Statement for February 2026: the full text

The Bank of Uganda maintains its 9.75% rate, balancing subdued inflation against global uncertainty and a positive output gap
The sun sets behind the unisphere during day five of the 2009 U.S. Open at the USTA Billie Jean King National Tennis Center on September 4, 2009 in the Flushing neighborhood of the Queens borough of New York City.

Bank of Uganda keeps rates on hold as inflation stays tame and growth holds firm

The Bank of Uganda maintains its 9.75% rate, balancing subdued inflation against global uncertainty and a positive output gap
Increasing piles of coins with a red arrow on a square patterned background.

Inflation inches up to 3.2% on higher transport and service costs

January inflation rose to 3.2% as service costs jumped, offsetting easing food price pressures from December

More Bank of Uganda

5 April 2018

Central Bank governor responds to criticism of BoU management

Bank of Uganda's governor says claims that the Bank or its management are guilty of incompetence and are no longer up to the task of executing its constitutional mandate are not supported by evidence and should be treated with contempt

Officials seated around a conference table during a press briefing
27 March 2018

ACI Uganda setting global standards for Uganda’s financial markets

By Benoni Okwenje Any sector that plays a major role in the growth and development of an economy

23 March 2018

Independent arbitration center to reduce costs and time in commercial disputes – Kasekende

The Alternative Dispute Resolution Framework for the banking and financial sector will help to expedite justice with respect to commercial law in Uganda through two channels. It will offer an opportunity for litigants to settle commercial disputes without going through the commercial courts, and thereby much more quickly and almost certainly at much lower costs

15 February 2018

How the Bank of Uganda conducts monetary policy

The overall objective of Bank of Uganda’s monetary policy is to achieve low and stable inflation, defined by a medium-term target of 5% of core inflation. The secondary objective is to support economic growth

The Bank of Uganda's headquarters in Kampala
13 February 2018

Bank of Uganda cuts key rate on private sector credit growth concerns

Bank of Uganda found more room to cut its benchmark rate on concerns about sluggish private sector credit growth and the cost of loans

Bank of Uganda's head office in Kampala.
12 February 2018

Lean times for banks’ loan growth and profits in FY17

There are no major threats to the stability of the financial system, at least as of June 2017, according to Bank of Uganda's Financial Stability Report

7 February 2018

Bank of Uganda announces staff changes as Bagyenda retires

Bank of Uganda has announced several appointments to its top management team and transfers, including a new executive director of supervision

Officials seated around a conference table during a press briefing
18 December 2017

Central Bank maintains policy rate while admitting easing cycle has had little effect on loan prices

Bank of Uganda has maintained its lowest ever policy rate, citing a projected rise in core inflation, uneven economic growth, and stickily high prices of credit

Officials seated around a conference table during a press briefing
30 November 2017

Uganda inflation falls to 32-month low

A slowdown in the rise of food prices was responsible for the drop in the increase of Uganda consumer prices in November to their lowest level since March 2015, according to figures from the statistics bureau

Woman selling food in a market
27 November 2017

2017 was a year of consolidation in the banking sector – Kasekende

Many of the problems facing the banking industry today can be more effectively solved if banks cooperate to pool resources and realise economies of scale and thereby reduce costs