Uganda Business News: MPs predict better times ahead for economy

Frank Tumwebaze speaking in Kampala today

Ultimate Media

The drop in inflation levels in the country has been welcomed by Members of Parliament, who forecast better times ahead.

Yesterday, the Uganda Bureau of Statistics announced a 1% drop in inflation levels from 27% to 25% while Bank of Uganda also reduced its central banking rate from 23% to 22%.

The chairman of Parliament’s Finance Committee, Frank Tumwebaze says the Central Bank should be lauded for its efforts in keeping a tight monetary policy that also helped reduce the high bank interest rates, one of the major concerns among the business community.

Tumwebaze however says government’s efforts should be focused on encouraging more production, especially in the agricultural sector, which can in turn curb runaway inflation.