Banks Lower Interest Rates After Central Bank Rate Cut

BY BANKERS REPORTER Commercial Banks have reduced their prime lending interest rates on shilling denominated loans following the recent downward revision of the central bank rate to 6.5% from 7%. A prime lending rate is the interest rate that banks offer their most creditworthy customers. The central bank rate is the rate at which financial institutions borrow money from the Bank of Uganda.  “We hereby inform you (customers) that our Prime Lending Rate will reduce from 20% to 19.5% effective August 10, 2021. This change will affect both old and…

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