Uganda, Nov. 22 -- The value of approved credit has remained stable despite an increase in interest rates, according to the Ministry of Finance October Performance of the Economy report.

The report released last week, indicates that the value of approved credit in September grew to Shs1.4 trillion up from Shs1.14 trillion in August, which represents an approval rate of 58.9 percent compared to 56.9 percent.

The increase, the report noted, signals stability in demand for credit by the private sector, amid an increase in interest rates for both shilling and foreign currency-denominated loans.

During the period, shilling denominated interest rates increased from an average of 17.29 percent to 18.24 percent in September while foreign curre...