Mps on the National Economy committee have grilled officials of Bank of Uganda led by the Director in charge of supervision Justine Bagyenda over looking on as commercial banks are causing businesses to close down by charging high interest rates. Appearing before the committee chaired by Buliisa county Stephen mukitale wondered how commercial banks charge […]
Finance to pressurize commercial banks to treat the salary loans differently. Members of parliament say that salaries more especially for civil servants don’t change and therefore the interest rates and the period of payment for salary loans should not be changed. Samia Bugwe north Julius Maganda says salary earners took the loans long time but […]
The acting governor bank of Uganda Justine Bagenda has re echoed the central banks concerns over the slow response by some commercial banks in reducing their interest rates despite the decrease in Central Bank Rate. This was during the central banks officials interface with the members of parliament on the parliamentary committee on national economy […]
The Governor of bank of Uganda Emmanuel Mutebile says he is happy with the reductions in lending rates made by commercial banks. A number of commercial banks have been cutting lending rates following continued appeals by the governor over high lending rates despite cuts in central bank rates. Announcing the monthly central bank rate Mutebile […]
The governor bank of Uganda Tumusiime Mutebile has ordered commercial banks to reduce their lending rates because the Central Bank has also lowered the Central Bank Rate. The rate at which Bank of Uganda lends to commercial banks standards at 17% in this month of August 2012 down from 19% in July the same […]
Police are investigating reports that thugs are using ATM machines to steal people’s money from the bank accounts. It is alleged that the new Automated Teller Machine (ATM) scam is costingUganda’s commercial banks big sums of money in compensating their bank customers. The police spokesperson forKampala, Ibin Ssenkumbi says that people have lodged a lot […]
The government on Thursday promised to double youth funds from 25 billion shillings to 50 billion shillings in the financial year 2012/2013. The government recently signed an agreement with three commercial banks in Kampala to create the 25 billion shillings youth joint venture fund. The banks were Development Finance of Uganda (DFCU) bank, Stanbic […]
The government ofUgandahas agreed with commercial banks to fix interest rates to be charged on money given out to the youth in form of loans. The minister ofUgandafor Finance Minister, Maria Kiwanuka says that the banks will charge 15% for a period of six months. Some of the banks the government has agreed with include […]
Due to escalating economic crisis inUganda, the people in Bugolobi aKampalasuburb are in shock wondering where to go next after Bead for Life Bar threatens to close. The workers at the bar have told us that they are soon beading farewell to its customers. We hear the workers at Bead for life bar have started […]
The Chairman of Kampala City Traders’ Association Everest Kayondo says they are not satisfied with the out come of their recent strike. Kayondo says that despite having resumed business, the traders still need to put more pressure on the government to put a ceiling on the interest rates commercial banks charge on loans. The traders […]