The Bank of Uganda kept its benchmark interest rate at record low of 6.5% during its October meeting, saying the economic outlook remains clouded by uncertainty over the Covid-19 pandemic and amid sluggish private sector credit growth. On the other hand, inflation remains benign with both headline and core inflation below the medium-term target of 5%. Policymakers underlined that economic growth will depend on the release of pent-up demand, a boost to investment activity from government's focus on infrastructure and support to sectors that have been more adversely affected by the pandemic. The central bank cut its growth forecast for the fiscal year to June 2022 to 3.5%-3.8% from the 3.5%-4.0% it projected in August and from June's 4%-4.5% estimate. For the fiscal year 2022/23, the economy is seen growing around 5.5%-6.0%, helped by increased COVID-19 vaccination rates and reductions in containment measures source: Bank of Uganda
Interest Rate in Uganda averaged 11.78 percent from 2011 until 2021, reaching an all time high of 23 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 2021.
Interest Rate in Uganda is expected to be 6.50 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 5.50 percent in 2022 and 5.00 percent in 2023, according to our econometric models.