Uganda: Depreciating African Currencies

opinion

Half of the world's ten worst-performing currencies this year are from Africa

In August, the Bank of Uganda raised the Central Bank Rate (CBR) to 16%. The increase is aimed at helping keep core inflation below 10% and allow it to slow toward the target of 5% in the medium term. Central banks in South Africa, Ghana, Angola, Kenya and Uganda have tightened monetary policy to rein in inflation as plunging commodity prices put pressure on domestic currencies.

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