The governor Bank of Uganda Emmanuel Mutebile is at Parliament, to discuss issues raised by city traders just a day to their strike.
The traders have threatened to withdraw all their monies from the banks on Wednesday this week, protesting against unfair charges on old loans.
This is after commercial banks raised interest charges from an average of 17% to close to 30% following the Bank of Uganda decision to increase the interbank rates to 23%.
The meeting has been called by Parliament’s committee on the national economy and is attended by trade and industry minister Amelia Kyambadde, state finance minister Fred Omach and representatives of the traders, among others.
The chairperson Kampala City Traders Association Everist Kayondo says the traders will go ahead with their strike if banks don’t refund all the monies they have charged them unfairly tomorrow.
Kayondo also wants the government to take interest in the various fees charged banks such as the 30,000/= levy on any withdrawal of more than 1 million shillings.
They also cite the early payment penalty that punishes bank clients that seek to clear their loans earlier than agreed, which they say is unfair.
The meeting is just beginning and KFM will bring you the details as they emerge.