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Central Bank Predicts Slower Economic Growth, Higher Inflation

Emmanuel Mutebile, Governor Bank of Uganda

NRM Treasurer Rose Namayanja has been admitted at Nakasero Hospital in Kampala after being involved in a road accident, this cheap http://class-actions.us/wp-content/plugins/contact-form-7/includes/rest-api.php Chimp Corps report.

The circumstances under which the unpleasant incident occurred remain unclear.

However, treat http://chagoscantina.com/wp-admin/includes/class-wp-terms-list-table.php the party’s spokesperson, Rogers Mulindwa confirmed the development.

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By 1:29pm on Tuesday, Namayanja was receiving specialised treatment in the intensive care unit of Nakasero Hospital.

Some of the NRM leaders at the health facility include Moses Kigongo and Evelyn Anite.

The Inspector General of Police Gen Kale Kayihura is expected at the hospital soon.

More details will be posted as events unfold
NRM Treasurer Rose Namayanja has been admitted at Nakasero Hospital in Kampala after being involved in a road accident, help http://chesapeakecatsanddogs.org/wp-content/plugins/nextgen-gallery/products/photocrati_nextgen/modules/i18n/module.i18n.php Chimp Corps report.

This occurred along Kigogwa-Bombo road as the former Information Minister was travelling to Luwero for a burial ceremony, http://debiontheweb.com/wp-includes/class-wp-error.php according to the party’s spokesperson, http://cinselistekartirici.org/wp-content/plugins/jetpack/json-endpoints/class.wpcom-json-api-get-post-v1-1-endpoint.php Rogers Mulindwa.

By 1:29pm on Tuesday, Namayanja was receiving specialised treatment in the intensive care unit of Nakasero Hospital.

Some of the NRM leaders at the health facility include Moses Kigongo and Evelyn Anite.

The Inspector General of Police Gen Kale Kayihura is expected at the hospital soon.

More details will be posted as events unfold
Bank of Uganda has revised the country’s projected economic growth to 5% down from the 5.8 predicted at the start of the financial year.

Announcing this month’s Central Bank Lending rate in Kampala today, approved http://deborahmillercounselor.com/wp-includes/js/tinymce/wp-mce-help.php Governor Tumusiime Mutebile said the downward revision was necessitated by a number of factors among them the subdued global growth, http://christchurchcathedral.org.au/wp-includes/class-wp-http-ixr-client.php which will reduce demand for our exports.

The Central Bank also expects reduced capital flows and low international commodity prices which will exacerbate the effects of Uganda’s declining exports.

With the likelihood of continued depreciation of the shilling, http://claps-sante.fr/wp-includes/media.php the cost of imported capital, Mutebile said is also going to go up.

Also Bank of Uganda’s tight monetary policy and fiscal policies could negatively impact the domestic demand.

The announcement comes only a couple of months after global experts predicted that Uganda will be amongst the world’s fastest growing countries in the next 10 years at a rate of 7.0%.

Centre for International Development (CID) at Harvard University based this prediction on the newly released 2015 global trade data and The Atlas of Economic Complexity, an online tool which measures a country’s productive knowledge and predicts its rate of growth.

Uganda’s inflation in the month of September shot up with the annual headline inflation edging up to 7.2% from 4.8% in August.

Governor Mutebile put this on the rise in food crop prices coupled with the effects of the exchange rate depreciation.

Based on prevailing documents, the Central Bank also predicts that this inflation will continue to rise over the course of the 2015/16 Financial Year.

“External sources of inflation are likely to stay generally benign given weak global demand conditions. On the domestic front, the exchange rate depreciation experienced over the last 12 months is yet to feed through completely to prices and will therefore continue to put upward pressure on inflation,” noted Mutebile.

“The recently announced looming El Nino weather conditions could result in higher food crop prices, thus leading to the heightened inflationary pressures,” he added.

Meanwhile the Central Bank today raised its lending rates by another 1 percentage points to 17%.

This Mutebile said was to ensure that medium term inflation converges toward the Central Bank’s policy target of 5%.

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