Ugandan shopkeepers strike over cost of loans
Poor Credit Tenant Loans UK
Submit Your Trial Application
Here.
See how much you qualify for today
Shopkeepers in the Ugandan capital Kampala are striking on protest over the cost of high-interest loans which they say are driving many of them out of business. Business owners say the bank loans have left them “working for nothing” and forced them to close their shops. They say losing more money is the only option left to show their frustration. The central bank, however, says nationwide interest rate rises last summer, when the entire region was suffering high inflation due to a global surge in oil prices, has made lowering rates impossible. Al Jazeera’s Malcolm Webb reports from Kampala. Business owners in the nation’s largest city say the high interest rates on bank loans have left them “working for nothing” so closing their shops and losing more money is the only option left to show their frustration. The central bank, however, says nation-wide interest rate hikes last summer - when the entire region was suffering high inflation due to a global spike in oil prices - has made lowering rates impossible. Al Jazeera’s Malcolm Webb reports from Kampala.
January 23 2012 02:24 pm | Loans
tatitotatitota on 23 Jan 2012 at 2:24 pm #
In Soviet Uganda the party buys support from public money…
mufaroukblues on 23 Jan 2012 at 2:24 pm #
Yeah still srike continues until tomorrow wen shopkeepers meet president M7.
SteveXnycperformance on 23 Jan 2012 at 2:24 pm #
Give them nothing,And take everything…SPARTAN!