Uganda, Jan. 25 -- Uganda's Ministry of Finance, Planning and Economic Development (MoFPED) has there was a 0.4 per cent growth in the stock of outstanding private sector credit despite the rise in lending rates from November 2022.

The growth in the stock of private sector credit means that the high lending rate has not discouraged the general public from borrowing funds for different activities from financial institutions.

Official government figures indicate that commercial banks' shilling denominated rates edged to a weighted average of 18.98 per cent in November 2022, up from 18.42 per cent in October 2022.

This, government says, was partly on account of the tight monetary stance that has seen BOU raise the Commercial Borrowing Rat...