BOU says Uganda’s economy cannot handle interest rate capping (Youtube-Clip)

“Bank of Uganda has assured law makers that the country’s economy remains financial shallow, to accommodate structures such as capping of interest. A dialogue here in Kampala between Members of Parliament, and the financial sector regulator also heard that current loan defaults at 8.3%, makes lending risky. In Kenya, legislators successfully passed a motion that was signed into law by President Uhuru Kenyatta, capping interest rates at 14%, aimed at shielding borrowers from spikes” (NTV Uganda, 2016)