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Bank of Uganda

A stack of Ugandan shilling banknotes—50,000, 20,000, 10,000, and 5,000—arranged in a currency counting machine.
Bank of Uganda

Bank of Uganda tightens liquidity as shilling falls to weakest since 2024

The Bank of Uganda says it can stabilise the shilling, and has raised banks' cash reserve requirement to 13.5 per cent for the second time this year
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

More Bank of Uganda

17 April 2020

Central bank details key debt relief measures to ease coronavirus hit

The measures include the opportunity to pause loan repayments, the chance to extend maturity dates of loans, and other forms of debt restructuring set out by the law. The central bank has also suspended the prepayment of loan arrears as a condition for debt restructuring

Workers on a construction project
6 April 2020

Coronavirus: BoU cuts interest rates, lowers growth forecasts, offers flexibility on bad loans

The Bank of Uganda cut its benchmark interest rate by a percentage point as part of measures to mitigate the economic crisis caused by the coronavirus pandemic, and also announced actions to support the financial institutions it supervises, including a moratorium on dividends and bonus payments

Emmanuel Tumusiime-Mutebi, the governor of the Bank of Uganda
3 April 2020

Bank of Uganda postpones monetary policy meeting to Monday [Update]

The Bank of Uganda has called off its monetary policy committee meeting which was scheduled for Friday and said it will communicate a new date "soon"

Bank of Uganda officials during the Monetary Policy Press Briefing
29 March 2020

Museveni replaces Doris Akol as URA head, appoints new BoU deputy governor

President Yoweri Museveni has replaced the head of the Uganda Revenue Authority, two years into her second term, and also appointed a new deputy governor for the Bank of Uganda to replace Louis Kasekende whose contract expired in January

Uganda's President Yoweri Museveni
20 March 2020

Coronavirus: Bank of Uganda announces mitigation measures, to intervene in foreign exchange market

The Bank of Uganda has announced plans to ensure that banks and credit institutions continue to operate effectively as coronavirus roils the economy, and that it is engaging telecom companies and commercial banks to reduce transaction fees and charges

The Bank of Uganda in Kampala
13 February 2020

Central bank keeps benchmark lending rate steady

The Bank of Uganda on Thursday held its benchmark interest rate yet again in an effort to keep inflation down and below target, and to support economic growth

The Bank of Uganda in Kampala
1 February 2020

Consumer price inflation moderates in January

Uganda consumer price inflation moderated in January after striking its highest level in fifteen months in the previous month, lowering the probability that the Bank of Uganda will depart from its accommodative monetary policy when it sets interest rates later this month

Taxi park in Kampala
31 December 2019

Inflation ticks up to highest level since September 2018

Uganda's inflation rose to a fifteen-month high in December 2019, driven by a rise in the annual food crops and related items inflation

Woman selling food in a market
9 December 2019

Bank of Uganda keeps rates unchanged to boost slowing economy

A slowdown in global economic activity and subdued domestic demand has weakened the economy and made clear the need for monetary and fiscal stimulus to support stronger growth, the Bank of Uganda has said

Bank of Uganda's head office in Kampala.
30 November 2019

Consumer inflation rises to 5-month high

Uganda consumer price inflation increased for the second straight month in November, rising to its highest level in five months, boosted by a rise in core consumer prices

Statistics House, which houses the Uganda Bureau of Statistics in Kampala