Skip to main content
#
www.ugandaonline.net
Sponsored Link

Advertisement

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

Leila Kayondo on the spot over property of fallen socialite

Leila Kayondo and wife to fallen socialite fight for car

YouTube: Top Ugandan Music Videos for the year 2019-2020

Top YouTube music videos in Uganda

YouTube: Top Ugandan Music Videos for the year 2019-2020

Nov 8-Nov 14 was a very competitive week

Gospel singer Levixone returns the SLK200 Merc gift to Laneck

Levixone strikes a pose on the SLK 200 Merc

Check out Diamond Platnumz as he shares a moment with Hamisa and son

Diamond Platnumz, Hamisa Mobetto and Dylan

Sponsored

 Entertainment Photos

Sponsored

Advertisement

Advertisement

Advertisement

Uganda Online Entertainment News

Uganda Online Email    Copyright © 2020 UgandaOnline.Net- All rights reserved.

Privacy PolicyDisclaimer 

Quantcast