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Uganda turns to its thin foreign exchange reserves as the shilling slides, putting pressure on the country’s defences against currency turmoil

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Uganda turns to its thin foreign exchange reserves as the shilling slides, putting pressure on the country’s defences against currency turmoil

Uganda’s central bank has raised its benchmark interest rate by 2 percentage points at an emergency meeting on October 14, marking the world’s biggest rate hike this year as policymakers battle currency weakness and rising inflationary pressures.

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