CBR Retained At 11.5 %

Bank of Uganda Governor Tumusiime Mutebile
Bank of Uganda Governor Tumusiime Mutebile

Uganda’s Central Bank Rate (CBR) to commercial banks at 11.5 per cent as it was in December.

Analysts in the financial markets had anticipated a reduction in the CBR following a decline in headline inflation to 6.7% from 6.8% and decline in core inflation to 5.7% from 7% in December.

Addressing a news conference on Friday to announce the Central Bank’s policy rate for January 2014, the Bank of Uganda Governor, Mr Emmanuel Tumusiime Mutebile, said: “The potential rise in inflation and its timing will depend largely on movements in the exchange rate, changes in commodity prices, and the degree to which exchange rate, changes in commodity prices spill over in broader cost and price pressures.”

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