East Africa Fights Currency Rout With Aggressive Rate Action
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East African central banks are having little success in stemming a rout in their currencies despite taking ever-more aggressive monetary policy action.
The Bank of Uganda raised its benchmark interest rate by 150 basis points at an unscheduled meeting on Monday, the third increase this year. That follows the decision by the Central Bank of Kenya to raise its key rate by a total of 300 basis points in two consecutive meetings.