Uganda's Central Bank Cuts Main Lending Rate From 13% To 12%

Uganda's central bank cut its main lending rate to 12 percent from 13 percent, saying there was still a need to boost economic growth. Policymakers in the East African nation began cutting the benchmark rate in April, bringing it back down from the peak of 17 percent reached as the bank battled a surge in prices. Bank governor Emmanuel Tumusiime-Mutebile says that inflation is expected to edge up in the short term, but it would remain on course for its 12 month target of 5 percent. The shilling is also under pressure from global uncertainties