Uganda Raises Interest Rate to 14.5% After Currency Slumps

Uganda’s central bank raised its benchmark interest rate to 14.5 percent at an emergency meeting to cap inflation after the currency fell to a record low.

The Monetary Policy Committee lifted the rate by 150 basis points, the third increase this year, Governor Emmanuel Tumusiime-Mutebile told reporters Monday in the capital, Kampala. Two of three economists surveyed by Bloomberg forecast an increase of 200 basis points, while the other said the central bank would raise it by 1 percentage point.