Bank of Uganda – BOU has yet again increased Central Bank Rate – CBR to 10% from 9% where it has been for less than two months. Earlier in August this year the Central Bank announced the increment of the CBR by 50 basis points to 9% from 6.5% in a bid to manage inflation. Now, Michael Atingi-Ego, Deputy Governor, has revealed that at the Monetary Policy Committee (MPC) meeting held on 6 October 2022, the Bank of Uganda decided to once again increase the CBR to influence lending behaviour of commercial banks. He says that a combination of global…
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Uganda’s private sector recorded a third successive monthly increase in business activity during October thanks to a return to normal operating conditions and increase in new orders, but companies were not hiring more workers during this period. The headline Stanbic Purchasing Managers’ Index (PMI) rose to 54.6 in October from 52.5 in September above the threshold 50.0 reading that indicates a positive outlook. However, employment continued to fall in October as some firms were reluctant to hire additional staff amid cost pressures. Workforce numbers decreased for the fifth month running, with employee expenses also down. Ronald Muyanja, the Head of…
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