BY OUR REPORTER
KAMPALA, UGANDA- Determined to restore high economic growth rate, private sector credit and to bring about low lending rates, Bank of Uganda has reduced Central Bank Rate (CBR) to 9.5 % from the previous 10%.
“The country’s economic activities are slowly gaining momentum. A cautious easing of monetary policy is warranted to boost private sector credit growth and strengthening the economic growth momentum,” said the Bank of Uganda Governor Prof. Emmanuel Mutebile.
He said there is a need to support the private sector and this can be done in many ways including the reducing of the Central Bank Rate.