Uganda slashes main interest rate to 8% as coronavirus hurts economy

“Uganda’s central bank cut its policy rate by 100 basis points on Monday to 8% 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% for the financial year to June, from a previous projection of 5.5-6%.”