VIDEO: Bank of Uganda reduces Central Bank Rate to 13%

VIDEO: Bank of Uganda governor Prof Emmanuel Mutebile has announced a 1 percentage point reduction in the CBR to 13% from 14% in the month of August as BOU continues to lower the Central Borrowing Rate with the hope of supporting domestic economic growth especially amidst the ongoing global economic slowdown.

According to BOU, the reduction in the CBR is expected to be reflected in the commercial banks’ lending rate by seeing them reduced as well, however due to the increasing non-performing loans, this is likely to take longer than expected.