IN SUMMARY
On Tuesday September 20, Bank
of Uganda Governor Prof
Emmanuel Tumusiime-Mutebile
called an impromptu meeting at
his office, which excluded senior
management staff, to discuss
interest rate caps.
About seven executives attended
Prof Tumusiime-Mutebile’s
meeting, including representatives
from Stanbic Bank,
PricewaterhouseCoopers Uganda,
the East African Development
Bank, Uganda Revenue Authority
and the Ministry of Finance,
Planning and Economic
Development.
Prof Mutebile raised objections to
interest rate caps, arguing that
they could escalate distortions in
the credit market, trigger
blackmarket activity and deny
many borrowers access to credit,
according to a source who
attended the meeting.
We trust our Opus Dei man
Our opus dei was not happy with that law, he was against it from the get go. Ni ile tu once it became law he had no choice but implement it
Didn’t know that. I thought with recent further lowering of CBK lending rates, has something to do with its concurrence to the whole saga.
Funny, am still paying, or rather, the banks are deducting same amounts they did in may or feb or july. No change with monthly instalments at my places
This is in Uganda…
This is in Uganda!
This is in Uganda
It came to help
You should however enjoy a shorter repayment period, I believe.
True.just ask a guy who works in a bank btw,the profits are way too little now
family bank are offering staff early retirement
For close to three months, Family has frozen any lending…at least in my branch
its like them banks have decided to threaten us back to uncapped interest rates…, its time saccos stepped up and filled the void banks are leaving
Nilienda nikaambiwa kuwa moving foward ni interest ilipungua so ati bank balance itaaisha way before payslip balance
KAZI ILIKUWA MINGI SANAAAA