The Bank of Uganda has promised to ensure recovery of the country’s economy within a period of two months.
According to the December Monetary Policy Statement, annual inflation rose to 4.6 % in November from 4.1% in October largely driven by food inflation that jumped from 1.7% to 7.1% in November.
Addressing the media earlier today, Central Bank Governor Emanuel Tumusiime Mutebire explained that consequentially, the bank of Uganda has decided to cut the Central Bank rate by one percent to 12%, and the margin on rediscount rate at 4 percentage point on the central bank rate.
said although many people are feeling the economic pinch due to the inflation triggered by the drought, the situation is likely to change when the rainy season sets in.
