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Bank of Uganda holds rate amid subdued inflation

The Bank of Uganda held its key rate at 9.0%, saying its monetary policy remains "accommodative" as inflation stays subdued.

Annual headline and core inflation rose to 3.0% and 2.9%, respectively, in November from 2.5% and 2.6% in October, partly due to higher food crop and energy prices, the central bank said. However, inflation is expected to remain far below the central bank's target of 5.0% until the fourth quarter of 2020.

While risks to the near-term inflation outlook are largely on the upside, food prices remain uncertain due to unpredictable weather patterns and demand pressures remain subdued, the central bank said.

The Bank of Uganda projects the country's economic growth to be in the 5.5%-6.0% range in 2019, and at a similar pace in 2020. It noted that its forecast is subject to downside risks that include geopolitical tensions, trade-policy uncertainties and softening investment spending in the domestic private sector.

The band on the central bank's key rate remains at plus or minus 3 percentage points. The rediscount and bank rates remain at 13% and 14%, respectively.