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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

7 October 2019

Bank of Uganda cuts policy rate to support economic growth

The Bank of Uganda has reduced interest rates for the first time since February 2018 in a bid to support economic growth

Busy market in Kampala, Uganda
1 October 2019

Central bank’s preferred measure of inflation eases to 14-month low

The Bank of Uganda's preferred measure of inflation eased to a 14-month low in September, a reading that gives its policy makers latitude to cut interest rates when they meet next Tuesday

The Bank of Uganda in Kampala
1 September 2019

Week in review: Tullow Oil, Uganda Airlines, Crane Bank

Final investment decision on Uganda's oil and gas projects to be delayed by collapse of Tullow Oil stake sale; Bank of Uganda loses suit against Crane Bank's former owner; Uganda Airlines starts commercial flights

Kyehoro Camp operated by Tullow in Uganda
16 July 2019

Agriculture: Stronger rural-urban linkages needed for development, says BoU governor

Government should join hands with the financial sector to strengthen rural-urban linkages and link local agriculture firms to external buyers and retailers

A man at a podium addressing a conference
18 June 2019

Bank of Uganda holds policy rate steady, says inflation remains subdued

Bank of Uganda maintained its benchmark lending rate for the third time this year, saying the inflation outlook over the next 12 months is largely unchanged from the last monetary policy committee meeting in April but noted that risks remain elevated

Officials seated around a conference table during a press briefing
7 February 2019

Bank of Uganda leaves rates unchanged, hails strong economy

The Bank of Uganda's monetary policy committee has voted to keep the Bank's benchmark lending rate unchanged in its first meeting of 2019, noting that the risks to its medium-term inflationary outlook are roughly balanced

Export containers at a port.
3 February 2019

Bank of Uganda governor warns on digital banking risks

BoU governor says that while digital banking innovations accrue benefits to financial institutions and customers, they also present associated risks that if not managed well could outweigh the benefits

Emmanuel Tumusiime-Mutebile, the governor of the Bank of Uganda
21 December 2018

Bank of Uganda governor says bank closures were well-intentioned

Governor tells Parliament probe Bank was right to intervene in closed banks but acknowledges post-intervention challenges

Bank of Uganda's head office in Kampala.
30 September 2018

Consumer prices slow slightly in September but core inflation hits 12-month high

Uganda's annual consumer price inflation fell slightly in September, the first decline in four months, largely because of a slowdown in the annual food crops and related items inflation rate.

Busy market in Kampala, Uganda
11 September 2018

Government considers taxing PayWay, Ezeemoney and similar platforms

The government is mooting imposing taxes on "alternative" payment platforms like PayWay, Ezeemoney, and agent banking because the recently introduced mobile money tax does not apply to them, according to the state minister for finance

A mobile money kiosk in downtown Kampala. Credit: Edgar Batte/Uganda Business News