Commercial Banks Warn Of Higher Interest Rates Following BoU Hiking Lending Rate

August 23, 2022 Economy Comments Off on Commercial Banks Warn Of Higher Interest Rates Following BoU Hiking Lending Rate

Commercial banks have revealed that they will also hike interest rates after the Central Bank hiked the lending rate. Over the past couple of months, Bank of Uganda has increased the CBR to 8.5%. Anne Juuko, the chief executive officer of Stanbic Uganda said this move by Bank of Uganda is apparently the only solution to inflation. However, it also ...

Bank Of Uganda Increases Lending Rate To 7.5%

June 3, 2022 Economy Comments Off on Bank Of Uganda Increases Lending Rate To 7.5%

As inflation notably grows, Bank of Uganda has decided to increase the lending rate to 7.5% for all those borrowing. The Deputy Governor, Michael Atingi-Ego explained that recent developments in the world have seen inflation rise rapidly and that this is spreading broadly across the basket of consumer goods and services. He said this through a statement on Thursday. “The ...