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The Bank of Uganda (BoU) has opted to hold its Central Bank Rate (CBR) steady at 9.75% in its May 2025 Monetary Policy statement, citing a resilient domestic economy and broadly contained inflation, but warning of heightened global uncertainties and a shifting balance of risks that could push inflation upwards in the near term. The Monetary Policy Committee (MPC), chaired by Governor Michael Atingi-Ego, emphasized that while inflation remains below target and growth remains firm, there is increasing concern over the potential for inflationary pressures to build up if economic activity accelerates beyond current supply capacities or if global disruptions…
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Many analysts agree that the Ugandan economy in 2024 exhibited remarkable resilience, navigating a landscape fraught with global uncertainties and regional challenges. At the centre of this performance was Dr Michael Atingi-Ego, Deputy Governor of the Bank of Uganda (BoU). In his end-of-year reflections, Dr. Atingi-Ego highlighted the pivotal actions underpinning this economic stability, crediting a mix of strategic monetary policies and innovative reforms. Here are ten standout actions he led to stabilise the economy: 1. Stabilizing Inflation Uganda maintained one of Africa’s lowest and most stable inflation rates in 2024. The BoU raised the Central Bank Rate (CBR) from…
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Navigating inflationary waters Bank of Uganda Deputy Governor, Micheal Atingi- Ego shares the story of Uganda’s monetary policy in 2024, which he says was one of cautious optimism and strategic actions, which helped keep core inflation (excluding volatile items like food crops and energy) stable. The BoU began the year with a Central Bank Rate (CBR) of 9.5%, gradually increasing it to 10.25% by April, before cautiously easing it to 9.75% by November. This signalled a balanced approach to maintaining monetary stability amidst external and domestic challenges. Concerns about exchange rate volatility, driven by the repositioning of yield-seeking offshore investors…
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Bank of Uganda recently released its annual report for 2022/2023. The report highlights the central bank’s performance in relation to its major obligation as the guardian of country’s economy. It also sheds light on the bank’s internal processes. Here are the 10 important take-aways from the report. 1. Economy grew by 5.3% beating projections Probably the best news from the report is that the economy remained resilient in the FY 2022/23. Preliminary estimates from Uganda Bureau of Statistics (UBOS) show that the economy grew by 5.3 percent in FY 2022/23 higher than the revised growth of 4.6 percent in FY…
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