Uganda Hikes Rates by Most in 15 Years; Shilling Becomes World’s Best Performer

The striking part is the reversal in sentiment: a currency at a record low becoming the world's best performer within the same session, driven not by gradual tightening but by an emergency, multi-year-high hike. That suggests the move is as much about signaling resolve as about the rate level itself, and it puts the focus on whether the central bank can hold that credibility once the immediate panic passes. The open question is whether the shilling's gains persist without further emergency action, and what the rate shock does to domestic borrowing costs.