Buy-Import-Export Premium Grade UGANDA VANILLA BEANS Buy-Import-Export Un-Refined Raw SHEA BUTTER
Wednesday July 6, 2011
The Governor Bank of Uganda Emmanuel Tumusiime Mutebile has announced a 13% Central bank rate for July, the first in a series of monthly rates aimed at clamping down inflation through adjusting the cost of borrowing.
Commercial banks will have to pay the 13% interest up from 11% on money borrowed from the central bank and in turn transfer the burden to their loan clients thereby making borrowing more expensive during the month of July.
“To tighten monetary policy, the Central Bank Rate will be set at 13% for the month of July. The interest rate will be used to guide the 7–day interbank interest rates,” the governor said while addressing reporters at the Central Bank.
The 7-day interbank rate is the rate of interest one bank charges another for money borrowed for a week.
The New Vision Newspaper
Join in and write your own page! It's easy to do. How? Simply click here to return to Africa Uganda Currency and Forex News .
If you haven't yet found what you were looking for or you need detailed information about the subject matter on this page
feel free to ask our business travel consultants.