Bank of Uganda keeps CBR at 12% on Nov 9, widens operating band to ±3pp
On 9 November 2026 the Bank of Uganda’s Monetary Policy Committee maintained the Central Bank Rate at 12.0%, widened the CBR operating band from ±2 to ±3 percentage points and set rediscount and bank rate margins at 4 and 5 percentage points, raising the rediscount and bank rates to 16.0% and 17.0%, respectively.
The desk brief
On 9 November 2026 the Bank of Uganda’s Monetary Policy Committee maintained the Central Bank Rate at 12.0%, widened the CBR operating band from ±2 to ±3 percentage points and set rediscount and bank rate margins at 4 and 5 percentage points, raising the rediscount and bank rates to 16.0% and 17.0%, respectively.
Maintaining a 12.0% policy rate while widening the CBR band and increasing margins for rediscount and bank rates tightens official liquidity provision and raises the cost of central-bank facilities. This action can restrain domestic credit growth and support the exchange rate by limiting liquidity, while also raising effective funding costs for banks and potentially increasing government and corporate borrowing costs in UGX if passed through to markets.
Monitor BoU communications and the December 2026 monthly inflation print for guidance on further policy moves.
Sources & verification
Verified briefVerified from 3 independent public publishers.
- Page 1 of 3 BANK OF UGANDA 37/45 Kampala Road. P.O. Box 7120, Kampala. Telephone: 256-414-258441/6, 258061, 0312-392000, 0417-302000 Telex: 61069/61344; Fax: 256-414-233818 www.bouor.ug (opens in a new tab)
- BoU Maintains Interest Rate at 12% as Inflation Riseschimpreports.comSource published (opens in a new tab)
- Uganda central bank to hold next rate-setting meeting on November 9 | CNBC Africacnbc.comSource published (opens in a new tab)
Public references supporting this brief.