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Monetary Policy
Monetary Policy
The Monetary Policy is set by the Monetary and Credit Policy Committee (MCPC) of Bank of Uganda.
Terms of Reference of the MCPC
- To formulate and direct the conduct of monetary policy in order to deliver price stability and support Government's objectives for sustainable economic growth.
- To direct the conduct of financial markets operations
- To ensure that liquidity conditions in the money markets are consistent with the broad objectives of price stability
- To review developments in the foreign exchange market and formulate policies to promote stability in the market.
- To seek harmonization and coordination of Government fiscal policies with monetary policies to support macroeconomic stability
- To address any other issue that has implications for the stability of the macro economy, including appraising policy recommendations from Functions, Government Departments and other forums.
Composititon of the MCPC
MCPC is chaired by the Governor. Other members are; the Deputy Governor, Executive Directors of Operations, Research, Supervision, General Duties and Economic Advisor to Governor. Other members are; Directors of Financial Markets, Communications, Statistics and Research(who is the secretary).
MCPC Meetings
The committee meets once a week (every Monday) and in some cases on other days if deemed necessary.
Monetary Policy Reports
Monetary Policy reports are issued by the Bank of Uganda in
its various publications, including: The
Monthly Economic Indicators,
Quarterly Economic Reports and
Annual Reports,
published by the Research Function of Bank of Uganda.
Legislation
- 2000: Bank of Uganda Act
- 2004: Financial Institutions Act
- 2003: Micro Deposit Taking Institutions Act
- 2004: Foreign Exchange Act
- 2005: Financial Institutions Licensing Regulations
- 2005: Financial Institutions Ownership and Control Regulations
- 2005: Financial Institutions Capital Adequacy Regulations
- 2005: Financial Institutions Credit Reference Regulations
- 2004: Microfinance Deposit Taking Institutions Regulations
- 2006: Foreign Exchange (Forex Bureaux and Money Remitters) Regulations
- Other Financial Institution Regulations
INFLATION RATES
Annual Inflation Rates
| Jul 2010 | Aug 2010 | |
| Headline | 3.2 | 1.7 |
| Core | 4.6 | 4.0 |
| Energy, Fuel, Utilities | 1.3 | 1.8 |
| Food Crop | -2.5 | -9.2 |
INTEREST RATES
Financial News Report
| 25/08/10 | 01/09/10 | |
| Rediscount Rate | 7.62 | 7.62 |
| Bank Rate | 8.62 | 8.62 |
| T/Bills (91 days) | 4.83 | 4.83 |
| T/Bonds (2 years) | 8.29 | 8.29 |
| T/Bonds (3 years) | 9.13 | 9.13 |
| T/Bonds (5 years) | 9.41 | 9.41 |
| T/Bonds (10 years) | 10.78 | 10.78 |
| Rate | Effective Date | |
| Lending Rate (Shs) | 20.06 | June 2010 |
| Deposit (WARD) Rate (Shs) | 1.87 | June 2010 |
EXCHANGE RATES
September 06, 2010
| Currency | Buying | Selling |
| USD | 2,245.19 | 2,255.43 |
| GBP | 3,466.57 | 3,482.38 |
| EURO | 2,888.21 | 2,901.39 |
| KSH | 27.81 | 27.94 |
| TSH | 1.52 | 1.53 |