Uganda’s central bank has sold the majority stake in Imperial Bank Uganda, previously held by Kenya’s collapsed Imperial Bank, to Tanzania’s Exim Bank.

Uganda's central bank left its benchmark Central Bank Rate (CBR) unchanged at 17.0 percent, saying it "believes that this monetary policy stance will curb the rise in core inflation over the next two to three quarters and then gradually bring it back to the target of 5 percent over the medium term."

Uganda's central bank raised its benchmark Central Bank Rate (CBR) by another 100 basis points to 17.0 percent, saying further tightening of monetary policy is warranted to "ensure that medium term inflation converges towards the BOU's policy target of 5 percent."

This financial year, Uganda Revenue Authority (URA) is going after the informal sector by formalizing registration and encouraging these business owners to pay taxes and contribute towards national development.