The Big Story

Commercial Banks’ lending rates rise to 20 percent in 3 months as credit demand drops to UGX 5.1 trillion

by Paul Murungi
Some of the commercial bank brands in Uganda
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The Central Bank of Uganda (BOU) has indicated that the quoted lending rates for commercial banks rose in the three months to April, averaging 20.8 percent, just 20 basis points (0.2 percent) above the reading in the three months to January 2024.  The details contained in the new BOU State of the Economy report shows that the weighted average shillings and foreign currency lending rates rose r

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About the Author

Paul Murungi is a Ugandan Business Journalist with highly specialised financial journalism training from South Africa, London (UK), Ghana, Tanzania, and Uganda. His coverage involves ground breaking stories across the East African region with a focus on ICT, Energy, Oil and Gas, Mining, Companies, Capital and Financial markets, and the general Economy.

His body of work has contributed to policy change in private and public companies.

Paul has so far won five continental awards at the Sanlam Group Awards for Excellence in Financial Journalism in Johannesburg, South Africa, and several Uganda national journalism awards in business and technology at the ACME Awards.