The Bank of Uganda raised its benchmark interest rate by 100 bps to 7.5% at its May 2022 meeting. It marks the first rate hike since October of 2018, to contain demand pressures against a backdrop of deteriorating economic outlook and uncertainty. Policymakers noted the rapid acceleration in headline inflation to a near five-year high of 6.3% in April, above the target of 5%, saying that risks surrounding the outlook for inflation are tilted to the upside. Consequently, the bank revised higher its 2022 forecasts for annual inflation to 7% from 5.2% in April and for core inflation to 6.1% from 4.7%. Then, inflation is projected to peak in the second quarter of 2023 before gradually declining to stabilise around the medium-term target by mid-2024. At the same time, the adverse global economic developments and higher inflation have diminished the prospects for domestic growth. Economic growth is now projected in the range of 4.5%-5% in 2022, lower than the previous forecast of 5.5%-6%. source: Bank of Uganda

Interest Rate in Uganda averaged 11.51 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 June of 2022.

Interest Rate in Uganda is expected to be 7.50 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 7.00 percent in 2023 and 6.50 percent in 2024, according to our econometric models.

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Uganda Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-02-14 10:35 AM 6.5% 6.5% 6.5%
2022-04-12 09:00 AM 6.5% 6.5% 7%
2022-06-02 10:00 AM 7.5% 6.5% 7%
2022-10-14 11:00 AM 7.5% 7.5%
2022-12-14 11:00 AM 7.5%


Related Last Previous Unit Reference
Interest Rate 7.50 6.50 percent Jun 2022
Money Supply M2 24243.40 24096.10 UGX Billion Apr 2022
Money Supply M3 33334.40 33400.00 UGX Billion Apr 2022
Foreign Exchange Reserves 4539.98 4463.61 USD Million Apr 2022
Loans to Private Sector 19947.55 19827.44 UGX Billion Apr 2022
Deposit Interest Rate 8.30 8.56 percent Apr 2022
Money Supply M1 14675.60 14339.60 UGX Billion Apr 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
7.50 6.50 23.00 6.50 2011 - 2022 percent Daily

News Stream
Uganda Hikes Interest Rate for 1st Time Since 2018
The Bank of Uganda raised its benchmark interest rate by 100 bps to 7.5% at its May 2022 meeting. It marks the first rate hike since October of 2018, to contain demand pressures against a backdrop of deteriorating economic outlook and uncertainty. Policymakers noted the rapid acceleration in headline inflation to a near five-year high of 6.3% in April, above the target of 5%, saying that risks surrounding the outlook for inflation are tilted to the upside. Consequently, the bank revised higher its 2022 forecasts for annual inflation to 7% from 5.2% in April and for core inflation to 6.1% from 4.7%. Then, inflation is projected to peak in the second quarter of 2023 before gradually declining to stabilise around the medium-term target by mid-2024. At the same time, the adverse global economic developments and higher inflation have diminished the prospects for domestic growth. Economic growth is now projected in the range of 4.5%-5% in 2022, lower than the previous forecast of 5.5%-6%.
2022-06-02
Uganda Holds Interest Rate Steady at 6.5%
The Bank of Uganda left its benchmark interest rate at a record low of 6.5% at its April 2022 meeting to continue supporting the economy despite ongoing inflationary pressures. The Ugandan GDP advanced by 5.2% in the Q4 of 2021, but most recent economic indicators pointed to a weakening of the growth momentum in March of 2022, amid the ongoing geopolitical tensions and supply disruptions. Consequently, economic growth is now projected in the range of 5.5-6% in 2022 from 6% earlier. Policymakers also noted the slight acceleration in inflation in February and March, although below the target of 5%, saying that risks surrounding the outlook for inflation are tilted to the upwards. The annual headline and core inflation rose to 3.7% and 3.6% in March of 2022 from 2.7% and 2.3%, respectively, in January. The central bank revised upwards its forecasts for headline inflation and core inflation to 5.2% and 4.7%, respectively, in 2022, from 4.5% and 3.9% previously estimated in February.
2022-04-12
Uganda Keeps Key Interest Rate at 6.5%
The Bank of Uganda left its benchmark interest rate at a record low of 6.5% during its February 2022 meeting, saying the current stance would be consistent with meeting the inflation target of 5% in the medium term while supporting economic recovery. Policymakers noted that risks to the growth remain tilted to the downside while inflationary pressures remain modest. The economy is estimated to have bounced back in 2021, growing in a range of 6.5-7%, after a 1.5% contraction in 2020. For 2022, growth is projected at around 6% amid the easing in Covid-19 restrictions, and in the medium term, the economy is seen expanding over 7%. Meanwhile, the headline inflation slowed to 2.7% in January from an over one-year high of 2.9% in December; and the core inflation also eased to 2.3% from a seven-month high of 2.9%. In the medium-term, inflation is forecast to rise but stabilize around the 5% target, contingent on the evolution of the pandemic.
2022-02-14