Kampala – Uganda's central bank will hold its next monetary policy meeting on November 9, a bank spokesperson said on Thursday, as policymakers continue to navigate pressure on the country's currency.
The meeting follows an emergency policy decision in October, when the Bank of Uganda raised its benchmark lending rate by 225 basis points to 12.0%.
The sharp increase was aimed at responding to a significant depreciation of the Ugandan shilling, which had come under pressure in the foreign exchange market.
The November meeting will provide an opportunity for policymakers to assess the impact of the previous rate hike and determine whether further monetary policy adjustments are necessary.
The central bank's decision will be closely watched by investors, financial institutions and businesses amid concerns over currency stability, inflationary pressures and borrowing costs.
Source: Reuters
Reporting: Elias Biryabarema
Writing: George Obulutsa
Editing: Alexander Winning
