The Bank of Uganda (BoU) held its key lending rate at 9.0 percent on Monday, with its governor, Prof Emmanuel Tumusiime-Mutebile, saying that economic activity was moderating.

Tumusiime-Mutebile told journalists in Kampala that a combination of slowing global economic activity and domestic factors like falling tourism and export earnings in the first 10 months of this year were expected to contribute to slowing economic performance.

BoU reduced the CBR to 9 percent in October 2019 from 10 percent in August 2019.