Uganda Development Bank reduces interest rates

As a result of the recent hikes of interest rates in the market, many corporate businesses are encountering difficulties in paying back the loans they have acquired from the commercial banks.

A couple of weeks back, the traders in Uganda through their umbrella association of ‘Kampala City Traders Association’ staged a sit-down strike protesting against the high interest rates charged on bank loans. The traders claimed that many of them have had their businesses collapse due to high interests charged on bank loans.

The good news however is that Uganda Development Bank has come out to save the traders especially at this time when the country is undergoing into an economic crisis.

The Director of Uganda Development Bank has told the members of the press that they have the lowest interest rates in town and that the bank is committed to a long term relationship with the traders and all Ugandans at large.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.