Ugandan central bank eases key lending rate to 11.5pc
Ugandan farmers harvesting maize in Mukono in central Uganda. A prolonged dry spell that has hit the country's economic growth outlook. PHOTO | MORGAN MBABAZI
Uganda’s central bank Wednesday cut its benchmark lending rate by 50 basis points to 11.5 per cent amidst a long dry spell that has hit the economic growth outlook.
The Bank of Uganda Governor, Emmanuel Tumusiime-Mutebile said as a result of the prolonged drought the regulator has had to revise its growth estimates downwards to 4.5 per cent from a previous forecast of 5 per cent for the 2016/17 fiscal year.
