The Bank of Uganda raised its benchmark interest rate by a massive 225 basis points to 12% at an emergency meeting on October 14, 2026, following an extended pause in monetary tightening. The move pushed borrowing costs to their highest level since 2017, as the central bank sought to curb the shilling’s sharp depreciation. Governor Michael Atingi-Ego said the continued depreciation could fuel inflationary pressures, warranting a tighter monetary policy stance. Uganda's inflation rose for a sixth straight month to 4.6% in September, reaching its highest level since June 2023. The shilling has lost around 12% this year, hitting successive record lows against the US dollar this month, amid strong demand for foreign currency from oil importers and foreign investors selling government bonds. The central bank had proposed using Uganda’s $6 billion in foreign reserves to ease dollar shortages, but President Yoweri Museveni opposed the move over concerns about its impact on importers. source: Bank of Uganda

The benchmark interest rate in Uganda was last recorded at 12 percent. Interest Rate in Uganda averaged 11.00 percent from 2011 until 2026, 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 October of 2026.

The benchmark interest rate in Uganda was last recorded at 12 percent. Interest Rate in Uganda is expected to be 12.00 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 9.75 percent in 2027 and 9.00 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-05-14 10:30 AM Interest Rate Decision 9.75% 9.75% 9.75%
2026-08-13 10:30 AM Interest Rate Decision 9.75% 9.75% 9.75%
2026-10-14 10:30 AM Interest Rate Decision 12% 9.75% 10.25%
2026-11-12 11:30 AM Interest Rate Decision 12%


Related Last Previous Unit Reference
Deposit Interest Rate 10.24 10.82 percent Aug 2026
Foreign Exchange Reserves 6519.64 6616.29 USD Million Aug 2026
Interest Rate 12.00 9.75 percent Oct 2026
Loans to Private Sector 31949.62 31422.23 UGX Billion Aug 2026
Money Supply M1 23206.80 22847.10 UGX Billion Aug 2026
Money Supply M2 40456.80 39504.00 UGX Billion Aug 2026
Money Supply M3 54810.20 53660.80 UGX Billion Aug 2026


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
12.00 9.75 23.00 6.50 2011 - 2026 percent Daily

News Stream
Bank of Uganda Delivers Massive Rate Hike
The Bank of Uganda raised its benchmark interest rate by a massive 225 basis points to 12% at an emergency meeting on October 14, 2026, following an extended pause in monetary tightening. The move pushed borrowing costs to their highest level since 2017, as the central bank sought to curb the shilling’s sharp depreciation. Governor Michael Atingi-Ego said the continued depreciation could fuel inflationary pressures, warranting a tighter monetary policy stance. Uganda's inflation rose for a sixth straight month to 4.6% in September, reaching its highest level since June 2023. The shilling has lost around 12% this year, hitting successive record lows against the US dollar this month, amid strong demand for foreign currency from oil importers and foreign investors selling government bonds. The central bank had proposed using Uganda’s $6 billion in foreign reserves to ease dollar shortages, but President Yoweri Museveni opposed the move over concerns about its impact on importers.
2026-10-14
Uganda Leaves Key Policy Rate at 9.75%
The Bank of Uganda kept its benchmark interest rate steady at 9.75% during its August 2026 meeting, marking the eighth consecutive hold. Policymakers said inflationary pressures remained relatively contained despite higher oil prices. Annual inflation rose to 4% in July, the highest since September 2025, from 3.7% in June, but stayed below the central bank’s 5% medium-term target. Meanwhile, the economy remained resilient, with growth expected to accelerate to 7%-7.5% in FY2026/27, which began in July, from an estimated 6.4% in FY2025/26.
2026-08-13
Uganda Keeps Policy Rate at 9.75%
The Bank of Uganda left its benchmark interest rate unchanged at 9.75% on May 14, 2026, marking the seventh consecutive meeting without changes. Policymakers said the current policy stance remains appropriate, even as the Middle East conflict poses inflation risks and clouds the outlook for Uganda’s economy due to uncertainty over its duration and severity. The headline inflation rate rose to 3% in April, up from an over two-year low of 2.8% in March, but stayed below the medium-term target of 5%. The MPC assessed that inflation could rise moderately during the second half of 2026 before stabilising around the medium-term target. Meanwhile, the GDP growth projection for FY2026/27 was kept at 6.5%-7%, with the economy projected to expand by around 8% on stronger exports and investment. The central bank raised the Cash Reserve Requirement (CRR) to 11% from 9.5% in March 2026 to manage liquidity in the banking system and keep inflation expectations anchored.
2026-05-14