| East African central banks are having little success in stemming a rout in their currencies despite taking ever-more aggressive monetary policy action. The Bank of Uganda raised its benchmark interest rate by 150 basis points at an unscheduled meeting on Monday, the third increase this year.
That follows the decision by the Central Bank of Kenya to raise its key rate by a total of 300 basis points in two consecutive meetings. Uganda, Kenya and Tanzania are among the worst hit currencies in Africa this year as heightened risk aversion prompts investors to move money out of emerging markets...............................................Full Article: Source
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