Uganda central bank holds key lending rate at 11.50 pct

KAMPALA Fri Jan 3, 2014 4:37am EST

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KAMPALA Jan 3 (Reuters) - Uganda held its benchmark lending rate at 11.5 percent on Friday and said private consumption was expected to rise as credit supply expanded, the central bank said.

Bank of Uganda Governor Emmanuel Tumusiime-Mutebile told a news conference that economic growth in the first quarter of 2013/14 (July-June) slowed due to drought but full year growth was seen remaining within their projections.

"Growth in 2013/14 is still projected at 6 percent-6.5 percent, well within the level of potential GDP growth," he said. (Reporting by Elias Biryabarema; Writing by George Obulutsa; Editing by Richard Lough)

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