The Bank of Uganda (BoU) said on Monday it will increase its interest rate policy from two months to three quarters from this year.
The revised schedule aims to provide the committee additional time for in-depth economic analysis, improving the accuracy of forecasting and decision-making. The quarterly meeting will now be held in February, May, August and November.
The bank said in a statement that the central bank’s monetary policy (MPC) interest rate meetings will now be held in February, May, August and November.
“This change allows the Finance Committee to conduct greater financial analysis, use more data to improve the accuracy of forecasts and enhance the prudent data generation process,” the Bank of England said.
The Central Bank which influences interest rates for regulated financial institutions in Uganda will now also be updated quarterly in alignment with these meetings.
The bank reaffirms its committee to maintaining transparent communication, with decisions on the CBR being announced through press conferences and official press releases following each meeting.
Also, the BoU’s new meeting structure reflects its ongoing efforts to align with global best practices in monetary management.
At its last meeting in December, the bank left the interest rate unchanged at 9.75%, saying risks to inflation were balanced.
