The Bank of Uganda lifted its benchmark interest rate by 100 bps to 10% during its October 2022 meeting, to try to tame soaring inflation and boost the shilling. The annual inflation accelerated for the eighth straight month to hit 10% in September, well above the central bank's target of 5%. Policymakers said that headline inflation is forecast to rise and average around 7.3% in 2022, and between 8% to 10% in 2023, before falling back to around 5% in 2024. Meanwhile, domestic economic activity is showing signs of recovery. source: Bank of Uganda

Interest Rate in Uganda averaged 11.41 percent from 2011 until 2022, reaching an all time high of 23.00 percent in November of 2011 and a record low of 6.50 percent in June of 2021. 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 December of 2022.

Interest Rate in Uganda is expected to be 10.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Uganda Interest Rate is projected to trend around 12.00 percent in 2023 and 10.00 percent in 2024, according to our econometric models.

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Uganda Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-07-05 09:45 AM 8.5% 7.5% 8%
2022-08-12 09:50 AM 9% 8.5% 8.5%
2022-10-06 10:00 AM 10% 9% 9%
2022-12-14 10:00 AM 10% 10%


Related Last Previous Unit Reference
Interest Rate 10.00 9.00 percent Oct 2022
Money Supply M2 25467.90 25688.50 UGX Billion Sep 2022
Money Supply M3 35168.50 35472.70 UGX Billion Sep 2022
Foreign Exchange Reserves 3692.81 3800.02 USD Million Sep 2022
Loans to Private Sector 20972.19 20995.51 UGX Billion Sep 2022
Deposit Interest Rate 10.39 10.05 percent Sep 2022
Money Supply M1 15346.10 15271.20 UGX Billion Sep 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
10.00 9.00 23.00 6.50 2011 - 2022 percent Daily

News Stream
Uganda Hikes Interest Rate to 10%
The Bank of Uganda lifted its benchmark interest rate by 100 bps to 10% during its October 2022 meeting, to try to tame soaring inflation and boost the shilling. The annual inflation accelerated for the eighth straight month to hit 10% in September, well above the central bank's target of 5%. Policymakers said that headline inflation is forecast to rise and average around 7.3% in 2022, and between 8% to 10% in 2023, before falling back to around 5% in 2024. Meanwhile, domestic economic activity is showing signs of recovery.
2022-10-06
Uganda Hikes Key Interest Rate to 9%
The Bank of Uganda lifted its benchmark interest rate by 50 bps to 9% during a meeting held on August 12th 2022, to try to counter rampant inflation and boost the shilling. The annual headline inflation and core inflation rose to an over 6-1/2-year high of 7.9% and a near six-year high of 6.3% in July of 2022, from 6.8% and 5.5% in June, above the bank's target of 5%. Policymakers noted that the economy continued to face strong cost-push inflation pressures from the external environment, dry weather conditions, and exchange rate depreciation amid weak demand. Headline Inflation is expected to remain in the range of 7%-7.4% in 2022. Meanwhile, the bank cut this year's economic growth forecast to 2.5% to 3%, from a previous forecast of 4.5% to 5%, reflecting higher costs of production linked to fuel and transportation. The economy should gain steam in 2023, rising between 5-6% in 2023, in part supported by public investment and recovery in demand as inflationary pressures begin to wane.
2022-08-12
Uganda Lifts Key Interest Rate to 8.5%
The Bank of Uganda raised its benchmark interest rate by another 100 bps to 8.5% during a special meeting held on July 5th 2022, to counter accelerating inflation and support the weakening shilling. The annual headline inflation and core inflation rose to 6.8% and 5.5% in June of 2022, from 6.3% and 5.1% in May, above the bank's target of 5%. Policymakers said the rising food and energy prices, intensified by a weaker Ugandan shilling, have worsened the infçlation outlook for the remaining part of 2022 and into 2023. As such, inflation is forecast to peak in the second quarter of 2023, before gradually declining to stabilise around 5% by 2024. Economic growth is still projected in the range of 4.5% to 5% in 2022, rising slightly to 5% to 5.5% in 2023 supported by public investment.
2022-07-05