City traders call off strike
City traders are today expected to reopen their shops after a four-day sit down strike.
The decision followed a three-hour meeting with President Yoweri Museveni last evening at the Kampala Serena Hotel.
Kampala City Traders Association on Wednesday resolved to close their shops because of high interest rates charged by commercial banks on existing loans and wanted the central bank and government to intervene and save their businesses from collapsing.
Now after protracted meetings with traders and bankers, the president has directed the governor Bank of Uganda Prof. Emmanuel Mutebile to work out a solution together with the commercial banks regarding the high interest rates.
The Governor has been given five days within which to act.
The traders have however threatened to take further action in case the five days elapse before anything is done.
Yesterday’s meeting which was closed to the media was attended by among others manufacturers, traders and private business people
Comments
This post currently has no comments.