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Uganda Raises Interest Rate to 17% as CPI Hits Two-Year High

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Uganda’s central bank raised its benchmark interest rate for the fifth consecutive meeting after a weaker currency boosted inflation to a two-year high.

The Bank of Uganda raised its policy rate by 1 percentage point to 17 percent, Governor Emmanuel Tumusiime-Mutebile told reporters on Tuesday in the capital, Kampala. Three of four economists surveyed by Bloomberg had expected an increase of either 50 basis points or 150 basis points, while one predicted the rate would remain unchanged.