Stanbic Bank cuts Prime Lending Rate to a record low of 16 percent

Stanbic Bank Uganda has yet again reduced its Prime Lending Rate, saying the move is in response to the prevailing market conditions. The bank has set the prime lending rate at 16 percent starting August 1, 2020, down from 16.5 percent set in May. The bank had previously set the rate at 17.5 percent at the beginning of the year. In a notice to the public, the bank announced: “Stanbic Bank is