Distressed Ugandan borrowers remain optimistic that commercial banks will follow the lead of the central bank to lower the benchmark lending rate and lower the cost of credit.
Last week, the Bank of Uganda announced a reduction of the Central Bank Rate (CBR) to 14 per cent, the third successive drop in a process BoU Governor Emmanuel Tumusiime Mutebile said was expected to support the recovery of private sector credit and hence real economic growth. But businesses are not out of the woods yet as commercial banks will take a while to respond.
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