FinanceThe Big Story

Bank of Uganda to support banks against COVID-19 related complications; should they occur

by Muhereza Kyamutetera
Bank of Uganda Governor, Tumusiime Mutebile has today cut the Central Bank rate to a record low 8% and reiterated a raft of measures to bail-out liquidity stressed financial institutions. Banks have also been given headroom to restructure loans on a case-by-case basis
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A day after the ministry of finance warned that COVID-19 related complications could borrowers from trade, tourism, transportation, and construction sectors experience difficulties in repayments, thus worsening banking industry non-performing loans from the current 4.7% to 5.9%, today, the central bank has weighed in with a promise to prop up banks with liquidity support amongst many other measure

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About the Author

Muhereza Kyamutetera is the Executive Editor of CEO East Africa Magazine. I am a travel enthusiast and the Experiences & Destinations Marketing Manager at EDXTravel. Extremely Ugandaholic. Ask me about #1000Reasons2ExploreUganda and how to Take Your Place In The African Sun.