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

Some of the commercial bank brands in Uganda

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 reflecting the increase of the Central Bank Rate (CBR) and the associated tight liquidity and financial conditions. The weighted average shilling lending rate reversed the downward trend observed since last year, rising to 17.7…

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About the Author

Paul Murungi is a Ugandan Business Journalist with extensive financial journalism training from institutions in South Africa, London (UK), Ghana, Tanzania, and Uganda. His coverage focuses on groundbreaking 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 for his articles on business and technology at the ACME Awards.

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