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. source: Bank of Uganda
Interest Rate in Uganda averaged 11.49 percent from 2011 until 2022, 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 July of 2022.
Interest Rate in Uganda is expected to be 8.50 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 7.50 percent in 2023 and 6.50 percent in 2024, according to our econometric models.