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.

The post Uganda Development Bank reduces interest rates first appeared on Uganda Multimedia News & Information.

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 went on a three day sit down strike last week demanding that the commercial banks withdraw the increased interest rates on new and old loans. Kayondo says that even though they have opened their shops the government still needs to come out and protect the interests of traders. He was addressing journalists inKampalatoday.

Kayondo says the traders are still waiting for the government’s response on the issue of high interest rates. He says that the moment the government fails to solve the problem the traders will definitely sue the commercial banks.

By Walakira Nyanzi

The post Traders to sue commercial banks over high interest rates charged on loans first appeared on Uganda Multimedia News & Information.

The commercial banks operating in Uganda charge over 27% on loans. Our reporters in Mityana, Kampala and Mubende among other districts have told us that most of the shops in Kampala and other districts have not opened today amidst the government requests to them to open the shops.

The spokesman of Kampala City Traders Association (KACITA), Issa Sekitto has told us that they will continue with the strike for the next three days until the government directs commercial banks to reduce the interest rates. The government deployed soldiers to threaten traders not to open shops in vain.

The post Shops closed as traders in Uganda open strike first appeared on Uganda Multimedia News & Information.

The commercial banks operating in Uganda charge over 27% on loans. Our reporters in Mityana, Kampala and Mubende among other districts have told us that most of the shops in Kampala and other districts have not opened today amidst the government requests to them to open the shops.

The spokesman of Kampala City Traders Association (KACITA), Issa Sekitto has told us that they will continue with the strike for the next three days until the government directs commercial banks to reduce the interest rates.

The government deployed soldiers to threaten traders not to open shops in vain.

By Moureen Nakyanzi

The post Shops closed as traders in Uganda open strike first appeared on Uganda Multimedia News & Information.

 The traders are protesting against the high interest bank charges. The traders say that the banks which have been over charging them include Citi Bank, Stanbic Bank, Barclays bank, Standard Chartered Bank, Bank of Baroda, Centenary Bank, Opportunity Uganda,, Finance Trust, Equity Bank, Global Bank, Eco Bank and Tropical Bank among others.

The traders’ spokesman, Issa Sekitto has told our reporters inKampalatoday that all their efforts to force the commercial banks to reduce the exorbitant interest charges on loans have failed.

Sekitto has conformed that Makerere University Academic Staff are participating in their strike because some of them are also traders operating at different levels.

The spokesperson ofMakerereUniversityacademic Staff Association, Louis Kakinda has also conformed that the university dons are participating in the ongoing traders strike.

 By James Okello

The post Makerere University joins traders strike first appeared on Uganda Multimedia News & Information.

Kalungi says that some people might choose to be poor and others willingly decide to be rich. Kalungi was speaking yesterday evening to members of Kampala City Traders Association who met him at his residence in Makindye division.

Kalungi reportedly told them that he and his brother Moses Kirumira, another business tycoon in Kampala were poor but they choose to be rich through working hard and saving their profits.

Kalungi says that the problem with most Ugandans they have a high marginal propensity to consume and lower marginal propensity to save. After addressing the traders Kalungi gave each person who was around 50,000 shillings as transport to take him back.

By James Okello

The post Being poor is a choice, says Kampala’s tycoon Moses Kalungi first appeared on Uganda Multimedia News & Information.