Monday, April 18, 2011

BoU hikes loan rates

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Commercial banks are going to dig deeper into their coffers to pay for loans contracted from the central bank. This is after the Bank of Uganda revealed that it will tighten liquidity in order to mop-up excess cash in circulation.

According to Adam Mugume, the director for research at BoU, the bank has now embarked on a gradual tightening of its interest rate to 10.6 per cent. In January the rate was at 9.6 per cent. “We have tightened our lending rate to the commercial banks but also

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