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. source: Bank of Uganda
Interest Rate in Uganda averaged 12.31 percent from 2011 until 2020, 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 November of 2020.
Interest Rate in Uganda is expected to be 6.00 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 5.00 percent in 2021 and 6.50 percent in 2022, according to our econometric models.