Uganda Hikes Interest Rate to 14.5%

Uganda and world kickboxing champion, view Umar ‘The Pain’ Semata has urged fellow compatriots to come out in large numbers and support his bid to defend the title as he takes on Austrialia and Oceania number one, Lee GARAP on Friday, 4th September 2015 at Hotel Africana in Kampala.

“I ask Ugandans to support me in this fight because that belt has a long history, Golola fought for it and he lost, Mugula (Ronald) came and beat Naggy (Patrick) to bring it home before the Egyptian (Abdallah HESEEN) snatched from him,” Umar Semata narrated to ChimpSports.

Semata will be vying to defend his Thai boxing Superwelterweight (69,50Kg/153 lbs) title he won against Egypt World Champion, Abdallah Heseen last year in May.

“I came back last year and returned the title to Uganda.  It’s my time to defend it,” he added.

The event is jointly organized by World Kickboxing Federation’s Africa and the Australian head offices.
Uganda’s central bank raised its key lending rate for the month of July from 13% to 14.5% in a bid to prevent a sharp rise in inflation after the local currency weakened substantially against the dollar.

“The recent exchange rate depreciation has raised the risk of higher inflation.As we stated in the June 2015 Monitary policy statement, information pills we will tighten monetary policy to avert any prospects of higher inflation, mind ” Bank of Uganda Governor Emmanuel Tumusiime-Mutebile announced on Monday 13th July 2015.

“The BOU recognizes the heightened risks to inflation, economic growth and financial conditions and will therefore continue to assess these risks to the outlook and take appropriate actions.”

The country’s rising Shilling depreciated by 24% against the US Dollar but by 14.7 percent on trade weighted basis.


Bank of Uganda believes that the volatility of exchange rate in the recent past has been driven more by sentiments and volatility in international markets than economic fundamentals.

The central bank also mentioned that domestic demand continues to support growth despite weaker exports and that access to bank financing has continued with credit growth remaining healthy.

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