(Ecofin Agency) - The Ugandan Central Bank has just lowered its benchmark lending rates to 9% from 9.5%, to facilitate credit access to small and medium-sized enterprises (SME), in the country.This was revealed during a conference by the governor of the bank,Emmanuel Tumusiime-Mutebile

 “Growth of private sector credit remained below historic levels and the cost of credit for micro- and small loans was still relatively high,” 

This follows a 3% decline in the country’s inflation level last month, mainly due to a drop in the price of foodstuffs.

 According to authorities, the measures could support the growth targets rate of 5.5% in the current fiscal year and an average of 6.3% over the next five years. This good performance will be driven by public investments, domestic consumption, and the agricultural sector, Reuters reports. 

Aaron Akinocho