Interest rates

Companies

Stanbic Bank follows BoU easing, cuts lending rate by 1%

Stanbic Bank is reducing its prime lending rate by 1% from 22% to 21% effective 1 December, a statement released by the lender said. This follows last week's reduction in the Central Bank Rate to 13%, the fourth consecutive rate cut this year.
A Stanbic Bank branch in Kampala
EconomyEnergy, Oil & Gas

Cheaper imports bigger problem than interest rates, steel magnate says

The Chinese firms constructing Karuma and Isimba hydropower plants are not buying steel from Ugandan manufacturers, according to Sikander Lalani, the chief executive officer of Uganda's largest steel manufacturer, Roofings Group.
Aerial photo of the Karuma hydropower project
EconomyPolitics & Policy

The central bank’s stand against capping interest rates

The most vocal opposition to an interest rate cap law has not come from commercial banks, but from their regulator, the Bank of Uganda. The bank's core argument is that controlling interest rates would be moving away from economic liberalisation.
Bank of Uganda's headquarters in Kampala
Economy

Commercial banks cut lending rates, but cautiously

A survey of commercial banks shows that a good number of them have cut their prime lending rate, a sign the Bank of Uganda's three consecutive rate cuts are having an effect.
A retail shopping centre in downtown Kampala, Uganda
Economy

Uganda will not follow Kenya in capping interest rates, minister says

The Uganda government is not planning to cap interest rates like neighbouring Kenya, according to the State Minister of Finance for Planning, David Bahati.
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