Washington, U.S. | Xinhua | The U.S. national debt has surpassed 30 trillion U.S. dollars for the first time, raising concerns about future fiscal sustainability, as the Federal Reserve prepares to raise interest rates to tame inflation. The total public debt outstanding exceeded 30 trillion dollars on Monday, which included 23.5 …
Read More »Demand for credit grows despite increase in interest rates
Kampala, Uganda | THE INDEPENDENT | Commercial banks approved a total of 2.8 trillion Shillings in loan amounts in the three months ending October 2021, which indicates growth from the 2.2 trillion Shillings approved in the quarter that ended July. Similarly, the value of loan applications rose to 4.9 trillion Shillings …
Read More »UMRA announces crackdown on unscrupulous micro lenders
Kampala, Uganda | THE INDEPENDENT | The Uganda Microfinance Regulatory Authority-UMRA is launching what they have called impromptu operations against Tier4 microfinance institutions and moneylenders that are either not registered or are violating licensing terms. This follows persistent complaints from the public about fraud in the industry as well as uncoordinated …
Read More »Banks approve bigger chunk of loans to manufacturing sector in May
Kampala, Uganda | THE INDEPENDENT | Commercial banks approved more money in May compared to April with manufacturers receiving the biggest chunk of the loans than any other the sector, the Ministry of Finance has said in the performance of the economy report for June 2020. According to the report, …
Read More »Mutebile warns banks against refusing to reduce interest rates on loans
Kampala, Uganda | THE INDEPENDENT | Bank of Uganda Governor Emmanuel Tumusiime-Mutebile has warned commercial banks that the central bank may be forced to impose limits on interest rates they can charge on loans. Mutebile, who appears to make a U-turn from an earlier position that banks can charge borrowers …
Read More »Uganda Development Bank to cut lending rates
Kampala, Uganda | Khisa Isaac | Uganda Development Bank (UDB) is considering reducing interest rates by two percentage points to 10% on loans to be advanced to local companies involved in various productive activities as the coronavirus containment measures takes toll on the economy. This development comes in the wake of the …
Read More »Bank of Uganda cuts interest rate to boost growth
Kampala, Uganda | THE INDEPENDENT | Bank of Uganda has cut interest rates, a move expected to boost businesses’ borrowing and consequently lift growth. BoU Governor, Emmanuel Tumusiime-Mutebile announced on Monday that he was cutting the Central Bank Rate (CBR), which signals the direction of interest rates, from 10% …
Read More »It is an 11% interest rate for NSSF members this year
✳ Year – Interest 2012 ✅10.00% 2013 ✅11.23% 2014 ✅11.50% 2015 ✅13.00% 2016 ✅12.30% 2017 ✅11.23% 2018 ✅ 15% 2019 ✅ 11% Kampala, Uganda | THE INDEPENDENT | Ugandans saving with the National Social Security Fund (NSSF) will earn 11 per cent on their savings this year, a drop …
Read More »VIDEO: BOU Governor warns against capping of interest rates
VIDEO: BOU Governor warns against capping of interest rates Kampala, Uganda | NTV UGANDA | Bankers and Business captains attending the annual bankers conference held at the Kampala Serena conference center on Wednesday July 19, 2017, observed that digital financial services possess the silver bullet that has the potential to unlock …
Read More »BUSINESS: Declining interest rates
Bank managers explain recent cuts to 20% average Effective this month most commercial banks started charging lower interest rates on flexible existing and new loans with analysis indicating about 20% is the new average industry rate compared to around 23% a period before. The move is expected to boost uptake …
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