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Tuesday, January 10 2012

Kampala City Traders Association members have vowed to go on with their three day strike that kicks off on 11.January.2011 which will see all shops closed according to the KACITA spokesperson Issa Sekitto.

The traders will also go to commercial banks and withdraw all their money all in an effort to compel government to intervene on the issue of interest rates which the traders say is eating into their profits and leaving them with barely nothing.

It is not clear what the traders will resort to after the three days. The strike is likely  to paralyse upcountry businesses too as they use Kampala as a hub to replenish on their stock.

The traders were in a meeting today (Tuesday) with the Prime Minister to try and avert the looming strike but they failed to come up with a common position. The governor Bank of Uganda, Prof. Emmanuel Mutebile was asked what his take was regarding the commercial banks interest rate, he said that he had no legal basis to force the hands of banks interest rate on the charges.

“As we tighten monetary policy by increasing the Central Bank Rate, we expect commercial banks to follow suit and increase lending rates. I have no legal basis to force the hands of banks on the charges, its matter for them and their clients,” said Mutebile

Bank of Uganda has increased the prime commercial bank lending rate to over 30% in a bid to control the high inflation but this has left many traders and borrowers alike choking on the high interest rates.

Posted by: uowd AT 02:23 pm   |  Permalink   |  Email
MC Kats and baby mama, Fille

Their daughter turned 7, a few days back.

During the interview, MC Kats caught up with his baby mama on a number of issues ranging from her Extended Play that she will be releasing soon, the two collaboration songs that King Saha agreed to work on with Fille.

Hellen Lukoma gifted with a Range Rover

Asked what the magic was, and Hellen was like and that is nothing, he is capable of a lot more.

"I have two children, Ata and Ark, with my Heaven sent Anwar, we have been together for five years. I am a good person and my hubby is the only one in this world, he was made for me and by the way, that is nothing compared to the things he has done."

Sheebah Karungi quits TNS

In a Snapchat post decorated with green snakes emojis, God's Plan who is currently in the UK has revealed how the 'Bango' singer ended up dating his then girlfriend Sheilah Gashumba.

"He used to come to my apartment to chill, drink and eat food..."

Zari and her new lover Choppa

Not long back, when Zari was explaining how she hit the rocks with King Bae, who turned out to be romance scammer, she said that it is not about money when it comes to dating her, so even the not so loaded guys were welcome to give it a try, but looking at her new lover, GK Choppa, he seems to be wearing two faces, in him you see a combination of her late hubby and Diamond Platnumz.

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