Uganda's Central Bank Cuts Key Lending Rate
By Nicholas Bariyo
KAMPALA, Uganda--Uganda's central bank slashed its key lending rate to 9.75% from 10 %, as Africa's top coffee exporting nation extends a policy easing stance amid increased investments in its fledging oil and gas industry.
Inflation is projected to ease despite the recent increase in food prices, Michael Atingi-Ego, deputy governor at the Bank of Uganda, told a news conference in Kampala. The inflation rate slowed to 3% in September, from 3.5% in August, remaining below the central bank target of 5%.
"Inflation remains subdued, reflecting the unwinding of the global shocks, stable exchange rate partly due to sturdy receipts from coffee exports," he said.
Write to Nicholas Bariyo at nicholas.bariyo@wsj.com
(END) Dow Jones Newswires
October 07, 2024 06:57 ET (10:57 GMT)
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