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Uganda slashes main interest rate to 8 per cent as coronavirus hurts economy

Uganda’s central bank cut its policy rate by 100 basis points on Monday to 8 per cent to support the economy which has been hit by the impact of the coronavirus outbreak.

The bank also said it now expected economic growth to “slow down drastically”, to between 3 and 4 per cent for the financial year to June, from a previous projection of 5.5-6 per cent.

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