6.5% CBR meant to meet inflation target in the medium term – BoU

The Bank of Uganda (BoU) at the Monetary Policy Committee meeting of December 2021, maintained the Central Bank Rate (CBR) at 6.5%. The Central Bank says maintaining the CBR at 6.5% is meant to meet the inflation target of 5 per cent in the medium term. In a monetary policy statement, BoU Governor Emmanuel Tumusiime Mutebile, said economic activity is gradually normalizing after the second wave of Covid-19, and the high-frequency indicators of economic activity for October and November 2021 suggest that the economy had considerable momentum into the fourth quarter. “Although resurgence of the Covid-19 variants has undoubtedly clouded…