Bank of Uganda Cuts Interest Rates

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The Central Bank has continued to lower the central Borrowing rate with the hope of supporting the domestic economic growth especially amidst the ongoing global economic slowdown.
Today, Prof Emmanuel Mutebile, the Central Bank’s Governor announced a 1 percentage point reduction in the CBR to 13% from 14% in the month of August.
According to BOU, the reduction in the CBR is expected to be reflected in the commercial banks’ lending rate by seeing them reduced as well, however due to the increasing non-performing loans, this is likely to take longer than expected.