Following recent traders strike over high bank charges on both old and new loans, the Bank of Uganda has directed all commercial banks to reduce their lending base rate from 28.5% to 27.5%.
We are told by a source at Standard Chartered Bank that for them they will implement the directive from Bank of Bank of Uganda on 10th February 2012.
However the governor Bank of Uganda, Tumusiime Mutebile has directed that the adjustment should not affect facilities in foreign currency. For any clarification regarding the new bank charges on loans the commercial bank clients have been advised to contact their relationship managers, nearest bank branches or bank ofUganda.
By Christine Kate