Bank of Uganda Hikes Interest Rates to 12% to Support Shilling

Key Facts

1The Bank of Uganda increased interest rates to 12% in an effort to support the Ugandan Shilling.

The Bank of Uganda increased interest rates to a level of 12%. Investing.com reported that the decision aims to strengthen the value of the Ugandan Shilling and support the local currency against depreciation.

This move is part of the central bank's efforts to curb inflationary pressures and ensure domestic economic stability. Raising rates to 12% represents a monetary response designed to impact local yields and stabilize the Shilling.