Monetary policy
BoU turns to dollar sales as political warnings meet market pressure
Bank of Uganda sold foreign currency after rate rises failed to halt the shilling’s slide, despite warnings from Museveni and Ggoobi against using reserves
Shilling closes at record low a week after rate rise
Uganda’s shilling closed at Shs4,208.10 to the dollar, a record low, one week after the central bank raised its benchmark rate
Shilling surrenders rate-hike gains as the dollar returns
Uganda’s shilling erased Wednesday’s gains by Friday, with the dollar back above its opening level on the day of the Bank of Uganda’s rate increase
What the Bank of Uganda’s rise to 12 per cent means for the shilling, fuel and loans
How the Bank of Uganda's increase in its policy rate to 12 per cent could affect the shilling, pump prices, and existing loans and savings
Bank of Uganda raises benchmark rate to 12 per cent at special meeting
Uganda’s central bank lifted its rate to 12 per cent, the largest increase since 2011, and raised its inflation forecasts as the shilling weakened
Shilling weakens further as MPs ask why reserves are not used
The shilling closed at Shs4,085.71 on Thursday. Traders expect further losses as MPs ask why the central bank has not used its reserves
Shilling breaches Shs4,000 with reserves nearly double their 2024 level
Uganda's reserves are 86.6 per cent above their February 2024 level, yet the central bank says it plans no dollar sales as the shilling weakens
Food and fuel push Uganda’s inflation to its highest since 2023
Annual inflation rose to 4.6 per cent from 4.1 per cent as matooke rose 16 per cent in a month and petrol and diesel stayed 30.9 and 42.5 per cent above last year
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 yearMore 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
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
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
Bank of Uganda’s Monetary Policy Statement for November 2025: the full text
The central bank's decision reflects its confidence in the improving domestic economic environment, while also acknowledging the ongoing risks posed by the global economy
Bank of Uganda’s Monetary Policy Statement for August 2025 — Full text
On 12 August 2025, the Monetary Policy Committee of the Bank of Uganda maintained the Central Bank Rate at 9.75%, reflecting persistent global economic uncertainty and recurring geopolitical tensions
Central bank holds rates with wait-and-see guidance
The central bank hewed to expectations on Tuesday, keeping its benchmark rate unchanged citing “macroeconomic stability” resulting from coordination between monetary and fiscal policies
Bank of Uganda’s Monetary Policy Statement for May 2025 — Full text
On 13 May 2025, the Bank of Uganda's Monetary Policy Committee (MPC) maintained the Central Bank Rate (CBR) at 9.75 per cent
Bank of Uganda’s Monetary Policy Statement for August 2024 — Full text
The central bank's Monetary Policy Committee voted to reduce its benchmark interest rate by 25 basis points
Bank of Uganda raises rates to highest levels in nearly 7 years, nods to strong inflation pressures
The Bank of Uganda raised interest rates for the second time in as many months on Monday, citing the risk of increased inflationary pressures due to a weak shilling
Business activity slows in March
Activity in Uganda's economy contracted for the first time in 20 months in March, according to an official survey, as a drop in money supply suppressed consumer demand
