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.

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Uganda Interest Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-06-16 10:05 AM 6.5% 7% 7%
2021-08-12 10:45 AM 6.5% 6.5% 6%
2021-10-14 10:40 AM 6.5% 6.5% 6.5%
2021-12-14 10:00 AM 6.5% 6.5%


News Stream
Uganda Holds Interest Rate Steady at 6.5%
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.
2021-10-14
Uganda Holds Key Interest Rate at 6.5%
The Bank of Uganda kept its benchmark interest rate at a record low of 6.5% during its August 2021 meeting, citing uncertainty over the economic outlook due to the effects of COVID-19. Policymakers said that the recovery of domestic demand is likely to slow in the third quarter of 2021 due to recent pandemic containment measures. Growth forecasts for the fiscal year 2021/2022 were cut to 3.5-4.0%, compared to June's forecast of 4-4.5%, but growth is expected to return to 6-7% in 2024/25, assuming an acceleration in private consumption and strong improvement in external demand. Meanwhile, inflation is expected to rise gradually through the year due to temporary effects of restrictive measures but it is forecast to remain below the 5% target in the near term, before stabilizing around that level in the medium term.
2021-08-12
Uganda Cuts Policy Interest Rate to Record Low
The Bank of Uganda slashed its benchmark interest rate by 50bps to 6.5 percent during its June meeting, bringing borrowing costs to record-low levels. The monetary policy decision aimed at supporting economic growth, amid a sharp reduction in inflation. In May, the country's consumer prices rose 1.9 percent, the least since October 2019 and well below the central bank's mid-point target of 5 percent.
2021-06-16

Uganda Last Unit Reference Previous Highest Lowest
Interest Rate 6.50 percent Oct/21 6.50 23.00 6.50
Money Supply M2 24150.70 UGX Billion Aug/21 24032.40 24150.70 138.70
Money Supply M3 33078.30 UGX Billion Aug/21 32835.90 33078.30 138.70
Foreign Exchange Reserves 4018.09 USD Million Aug/21 4154.93 4154.93 5.10
Loans to Private Sector 18957.35 SHS Billion Aug/21 18961.88 18961.88 244.22
Deposit Interest Rate 8.65 percent Aug/21 8.38 38.38 3.54
Money Supply M1 14139.20 UGX Billion Aug/21 14090.30 14139.20 912.60


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.