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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 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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Bank of Uganda recently released its annual report for 2022/2023. The report highlights the central bank’s performance in relation to its major obligation as the guardian of country’s economy. It also sheds light on the bank’s internal processes. Here are the 10 important take-aways from the report. 1. Economy grew by 5.3% beating projections Probably the best news from the report is that the economy remained resilient in the FY 2022/23. Preliminary estimates from Uganda Bureau of Statistics (UBOS) show that the economy grew by 5.3 percent in FY 2022/23 higher than the revised growth of 4.6 percent in FY…
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