The Bank of Uganda kept its benchmark interest rate steady at a record low of 7% during its February 2021 meeting. Policymakers said that economic recovery has somewhat lost momentum since the last decision in December, adding that the medium-term outlook continues to depend heavily on vaccination rollouts and the course of the virus and its variants. The economic growth is projected at around 3-3.5% in the financial year 2020/21, before accelerating to 4-4.5% and 6-6.7% in FY2021/22 and in the next years, respectively. The annual headline inflation rate ticked up to 3.7% in December from 3.6% in the prior month, and it is seen falling in the next months as the effects of public transport measures dissipate. Meanwhile, Inflation is expected to return to the 5% target. The bank also announced that will extend for six months effective from April 1st 2021 the credit relief measures and also maintain the Covid-19 Liquidity Assistance Program (CLAP) to supervised financial institutions. source: Bank of Uganda

Interest Rate in Uganda averaged 12.22 percent from 2011 until 2021, reaching an all time high of 23 percent in November of 2011 and a record low of 7 percent in June of 2020. This page provides the latest reported value for - Uganda Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Uganda Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on February of 2021.

Interest Rate in Uganda is expected to be 5.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Uganda to stand at 5.00 in 12 months time. In the long-term, the Uganda Interest Rate is projected to trend around 6.50 percent in 2022, according to our econometric models.

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Uganda Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
7.00 7.00 23.00 7.00 2011 - 2021 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-08-10 09:20 AM 7% 7% 6%
2020-10-22 09:40 AM 7% 7% 6%
2020-12-14 10:00 AM 7% 7% 6%
2021-02-15 11:00 AM 7% 7% 6%
2021-04-14 10:00 AM 7%
2021-06-16 10:00 AM
2021-08-16 10:00 AM
2021-10-14 10:00 AM


News Stream
Uganda Holds Interest Rate Steady at 7%
The Bank of Uganda kept its benchmark interest rate steady at a record low of 7% during its February 2021 meeting. Policymakers said that economic recovery has somewhat lost momentum since the last decision in December, adding that the medium-term outlook continues to depend heavily on vaccination rollouts and the course of the virus and its variants. The economic growth is projected at around 3-3.5% in the financial year 2020/21, before accelerating to 4-4.5% and 6-6.7% in FY2021/22 and in the next years, respectively. The annual headline inflation rate ticked up to 3.7% in December from 3.6% in the prior month, and it is seen falling in the next months as the effects of public transport measures dissipate. Meanwhile, Inflation is expected to return to the 5% target. The bank also announced that will extend for six months effective from April 1st 2021 the credit relief measures and also maintain the Covid-19 Liquidity Assistance Program (CLAP) to supervised financial institutions.
2021-02-15
Uganda Holds Key Interest Rate Steady at 7%
The Bank of Uganda kept its benchmark interest rate steady at a record low of 7% during its December 2020 meeting, saying the economic recovery was gradually gaining traction amid the loosening of coronavirus restrictions, adding that growth would be above 3% in the financial year 2020-21. Still, economic growth is projected to remain below its potential until 2023/24. Meantime, inflation remains benign and it is projected to be well contained over the medium-term. Headline inflation fell to a six-month low of 3.7% in November from 4.5% in October, amid falling energy and food crop prices.
2020-12-14
Uganda Leaves Key Interest Rate Steady at 7%
The Bank of Uganda kept its benchmark interest rate steady at a record low of 7% during its October 2020 meeting, saying economic growth for the next 12 to 24 months was likely to remain modest. Policymakers noted that high-frequency indicators for economic activity point to a mild recovery in Q3 with an estimated growth of 2% from a sharp contraction of 6% in Q2. Still, the GDP is projected to contract in the range of 0.2% to 0.5% in 2020. The overall risks to the inflation outlook appear to be on the upside in the near term, amid cost pressures emanating from higher taxes on imported consumer and intermediate products and social distancing measures. The annual headline inflation eased to 4.5% in September 2020 from 4.6% in August, but annual core inflation edged up to 6.2% from 5.9% in the same period. Meanwhile, inflation is expected to be well contained over the medium-term.
2020-10-22
Uganda Keeps Interest Rate Steady at 7%
The Bank of Uganda left its benchmark interest rate unchanged at a record low of 7% during its August 2020 meeting, after slashing it by 100bps in June, citing an extremely uncertain economic outlook largely because of the unpredictable intensity and duration of the Covid-19 pandemic. Policymakers said that domestic economic activity is estimated to have contracted by 3.2% in the second quarter, but it is expected to slowly recover amid the gradual easing of lockdown restrictions. Therefore, economic growth is seen at around 3-4% in 2020, before picking up to 5-6% in 2021, but remaining below its potential level until 2022. Meanwhile, the balance of risks to the inflation forecast are assessed to be on the upside with core inflation expected to rise above the 5% target within 12 months, reflecting the influence of containment measures particularly on public transport and increases in prices of imported consumer goods as a result of higher taxes to support import substitution.
2020-08-10

Uganda Interest Rate
In Uganda, interest rates decisions are taken by the Bank of Uganda. The Bank of Uganda official interest rate is the central bank rate.