Interest rate fall to 17.7% says BoU

By Martin Luther Oketch.

The Bank of Uganda has announced that lending rates have declined to 17.7%, the lowest rate ever recorded in the country in the country in close to ten years.

Speaking during the release of monetary statement for the month of August the central bank governor Tumusiime Mutebile attributed this to the easing of monetary policy that has been in place since February 2016.

A fairly low interest in Uganda was recorded in September 2010 at 19.6%.

Meanwhile the bank has stayed Central Bank Rate at 9% for the next two months, to keep inflation close to the target and to contribute to attainment of sustainable economic growth.