Mutebile eases Central Bank Rate to 7 per cent; urges banks to follow suit
Following a lengthy court process that exposed both the incompetence of the legal team at the central bank and the massive flaws within its regulatory practices especially in the way several banks were taken over, closed and sold, under Mutebile’s watch or lack thereof, the central bank’s much publicised case against the billionaire businessman has crumbled like a pack of cards. It remains to be seen how much more the central bank will lose in terms of legal costs.
Bank of Uganda has today, for the second time in three months, further eased down the Central Bank Rate for June 2020 to 7 per cent, setting another record low since the CBR was introduced as a Monetary Policy tool in July 2011.
In April 2020, at the onset of the Covid-19 pandemic, BoU fixed the benchmark rate at 8% and kept it at 8% for May as well.
Announcing the policy rate c
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