(Bloomberg) -- Uganda’s central bank said it’s monetary policy committee will hold an unscheduled meeting, after the shilling fell to a record low. 

The MPC will meet on Wednesday and a statement will be issued by Deputy Governor Michael Atingi-Ego at 1 p.m. in Kampala, the capital, the central bank said in an emailed statement on Tuesday. It didn’t provide further information and Bank of Uganda spokesman Kenneth Egesa’s phone was switched off when Bloomberg sought comment.

Uganda’s shilling has weakened since the World Bank in August announced it was suspending funding to the East African nation over its adoption of legislation that criminalizes homosexuality. The currency fell to a record low of 3,957.50 per dollar on Feb. 26, according to data compiled by Bloomberg, and has lost about 8% of its value since the World Bank decision.

Uganda’s MPC usually convenes every two months and most recently met on Feb. 6, when it left the benchmark rate at 9.5%.

©2024 Bloomberg L.P.