Uganda central bank holds key lending rate at 9.0pc

KAMPALA: Uganda's central bank held its key lending rate at 9.0 percent on Monday, saying that risks to inflation were balanced and inflation was expected to rise gradually as the output gap closed.

Bank of Uganda Governor Emmanuel Tumusiime-Mutebile told a news conference that inflation was expected to converge to around 5 percent by the end of 2019.

"The economic growth outlook is more positive than was forecast at the Monetary Policy Committee (MPC) meeting of February 2018 and there are signs of increased business confidence," he said.