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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

14 November 2017

Bank of Uganda, central bank of Sudan to strengthen ties

Bank of Uganda and the Central Bank of Sudan have agreed to explore all avenues to consolidate and expand trade and investment between Uganda and Sudan

3 October 2017

Uganda’s central bank cuts benchmark rate to 9.5%

Bank of Uganda said on Tuesday that economic activity is picking up and stressed the importance of private sector credit growth as it announced a cut in its policy rate to its lowest level ever

19 September 2017

Liquidity ratio in Uganda’s banking sector up by 6.7% – Central Bank

The liquidity ratio in Ugandan banks has improved by 6.7%, an indication that the banking sector has adequate capital buffers

11 August 2017

Bank of Uganda puts brakes on monetary easing as economy improves

Before Friday's decision, the Bank of Uganda had reduced its policy lending rate in each of its past eight meetings going back to April 2016

Bank of Uganda's head office in Kampala.
11 August 2017

Governor defends central bank on Crane Bank supervision

Tumusiime-Mutebile says much of the commentary on Crane Bank in the media and on social media betrays a profound misunderstanding of how bank supervision works and what can realistically be achieved by a bank regulator

19 June 2017

BoU cuts policy lending rate further to support economic recovery

The central bank's decision to cut its policy lending rate was influenced by the slowdown in economic growth

Officials seated around a conference table during a press briefing
17 May 2017

IMF calls for more intrusive bank supervision, and revises down growth forecast

The International Monetary Fund is the latest institution to downgrade Uganda's growth projections for the current financial year, following similar updates by the World Bank and the Bank of Uganda.

Bank of Uganda's head office in Kampala.
12 April 2017

Bank of Uganda has some news on the economy… And it is not good!

Bank of Uganda on Wednesday reduced the policy lending rate by 0.5% to 11% citing an improved inflation outlook and the need to support private sector credit and economic growth.

Officials seated around a conference table during a press briefing
5 April 2017

All banks now primary dealers as Bank of Uganda eases investing in treasuries

The Central Bank has opened up the primary market for government securities to all 24 licenced commercial banks, a move it says aims to make investing in the securities easier and more accessible to the public.

15 February 2017

Bank of Uganda cuts policy rate by 0.5%

Bank of Uganda on Wednesday lowered the central bank rate by 0.5% to 11.5% from the 12% set in December.

Emmanuel Tumusiime-Mutebi, the governor of the Bank of Uganda