The Deputy Governor says that their activities as well as other changes that have the economy safer going forward, they have decided to reduce the rate, though cautiously.
At the onset of the pandemic in Uganda last year, the local authorities had no idea that the pandemic would last far longer than a few weeks. For this, the banking industry with guidance by the Central Bank offered credit relief measures for 10-months to borrowers to cushion them against any possible shocks, since economic activities had been shut down.
