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Uganda Warns of More Rate Hikes After Third Straight Increase

  • Back-to-back interest-rate increases are biggest since 2015
  • MPC cuts economic growth forecast for 2022 to 2.5% to 3%
Kampala, Uganda.

Kampala, Uganda.

Photographer: Katumba Badru Sultan/Bloomberg
Updated on

The Bank of Uganda raised interest rates for a third straight meeting and signaled its willingness to boost rates further if inflation isn’t reined in.

Policy makers facing the most significant cost pressures in six years lifted the benchmark rate to 9% from 8.5%. That takes the increase in borrowing costs to 250 basis points since June