{"id":70938,"date":"2024-04-12T06:59:08","date_gmt":"2024-04-12T06:59:08","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/all-news\/shilling-denominated-loans-moderated-to-9-1-per-cent-bou"},"modified":"2024-04-12T07:35:26","modified_gmt":"2024-04-12T07:35:26","slug":"shilling-denominated-loans-moderated-to-9-1-per-cent-bou","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/shilling-denominated-loans-moderated-to-9-1-per-cent-bou","title":{"rendered":"Shilling-denominated loans moderated to 9.1 per cent \u2013 BoU"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>Growth in shilling-denominated loans moderated to 9.1 per cent in April down from 9.6 per cent in the quarter that ended February 2024, according to the State of the Economy report by the Bank of Uganda.<\/b><\/p>\n

However, the central bank said during the same period, growth in foreign currency-denominated loans increased to 6.4 per cent from 3.3 per cent.<\/p>\n

Total credit extensions rose in the three months to January 2024 to Shs 5.3 trillion from Shs 4.7 trillion in the three months to October 2023, while recoveries rose to Shs 4.7 trillion from 3.9 trillion over the same period.<\/p>\n

\u201cDemand for and supply of credit declined to Shs 5.3 trillion and Shs 3.4 trillion in the three months to January 2024 from Shs 5.9 trillion and Shs 3.6 trillion, respectively, in the three months to October 2023,\u201d said the central bank.<\/p>\n

Looking into the future, the central bank is optimistic that demand for credit is expected to increase in the coming months, driven by seasonal demand from education institutions to meet their working capital and operational needs.<\/p>\n

The moderate private sector growth is reflected in the manufacturing, business services, and personal loans relative to the three months to October 2023.<\/p>\n

\u201cThe main contributors to the decline in manufacturing were paper, paper-related products, printing, publishing, and building & construction materials. However, lower financing to working capital financing was the main contributor to the decline in business services,\u201d the central bank explained.<\/p>\n

The State of the Economy report shows that the shilling and foreign currency average lending rates for the three months to January 2024 are lower than those for the three months to October 2023, due to favourable rates for prime borrowers.<\/p>\n

The weighted average shilling lending rate declined to 16.9 per cent in the three months to January 2024 from 18.7 per cent observed in the three months to October 2023. The lending rate on foreign currency-denominated loans remained 8.8 per cent over the same period.<\/p>\n

The weighted average prime lending rate for commercial banks remained unchanged at 20.6 per cent in the three months to January 2024 compared to the three months to October 2023.<\/p>\n

The central bank said the fall in lending rates was noticeable in almost all sectors except agriculture, which registered a moderate rise.<\/p>\n

Private sector credit growth remains moderate due to lower demand and supply. The growth in the total stock of credit to the private sector moderated to 7.7 per cent for the three months to January 2024 from 8.4 per cent for the three months to October 2023.<\/p>\n

For More News And Analysis About Uganda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. Growth in shilling-denominated loans moderated to 9.1 per cent in April down from 9.6 per cent in the quarter that ended February 2024, according to the State of the Economy report by the Bank of Uganda. However, the central bank said during the same period, growth in foreign currency-denominated loans increased to […]<\/p>\n","protected":false},"author":84,"featured_media":70937,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,240,234],"class_list":["post-70938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nShilling-denominated loans moderated to 9.1 per cent \u2013 BoU - Uganda<\/title>\n<meta name=\"description\" content=\"Growth in shilling-denominated loans moderated to 9.1 per cent in April down from 9.6 per cent in the quarter that en ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/shilling-denominated-loans-moderated-to-9-1-per-cent-bou\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shilling-denominated loans moderated to 9.1 per cent \u2013 BoU\" \/>\n<meta property=\"og:description\" content=\"Growth in shilling-denominated loans moderated to 9.1 per cent in April down from 9.6 per cent in the quarter that en ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/shilling-denominated-loans-moderated-to-9-1-per-cent-bou\" \/>\n<meta property=\"og:site_name\" content=\"Uganda\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-12T06:59:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-12T07:35:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2024\/04\/sm_1712894457.233957.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/shilling-denominated-loans-moderated-to-9-1-per-cent-bou#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/shilling-denominated-loans-moderated-to-9-1-per-cent-bou\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Shilling-denominated loans moderated to 9.1 per cent \u2013 BoU\",\"datePublished\":\"2024-04-12T06:59:08+00:00\",\"dateModified\":\"2024-04-12T07:35:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/shilling-denominated-loans-moderated-to-9-1-per-cent-bou\"},\"wordCount\":412,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/shilling-denominated-loans-moderated-to-9-1-per-cent-bou#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2024\/04\/sm_1712894457.233957.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/shilling-denominated-loans-moderated-to-9-1-per-cent-bou#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/shilling-denominated-loans-moderated-to-9-1-per-cent-bou\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/shilling-denominated-loans-moderated-to-9-1-per-cent-bou\",\"name\":\"Shilling-denominated loans moderated to 9.1 per cent \u2013 BoU - 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