The Bank of Uganda called an unscheduled meeting of its Monetary Policy Committee for 14 October after the shilling fell to a 33-year low of about 4,140 to the dollar on 13 October. The currency has lost about 12.8% since the end of 2025 as foreign investors sold government bonds and importers bought dollars. The bank has kept its policy rate at 9.75% since October 2024 and has avoided direct intervention, saying it does not target a specific exchange rate. A rate rise could slow the slide and limit imported inflation, but would raise borrowing costs for businesses and the government. The decision at the bank’s first emergency meeting since July 2022 will show whether it chooses higher rates.
Sources
- CNBC Africa (Reuters): https://www.cnbcafrica.com/2026/ugandan-central-bank-calls-emergency-policy-meeting-for-wednesday
- Investing.com (Bloomberg): https://uk.investing.com/news/stock-market-news/uganda-central-bank-calls-special-meeting-as-shilling-hits-33year-low-93CH-4907748
- Kenyan Wall Street: https://kenyanwallstreet.com/bank-of-uganda-calls-emergency-mpc-meeting-following-shillings-slide-to-record-lows