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Moneylenders, govt lock horns over interest rates

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  • 🞛 This publication is a summary or evaluation of another publication
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Leaders of the moneylenders say the government did not consult them about the interest rate cap, which they also say is unfair compared to what commercial banks charge
The article from Monitor discusses the ongoing conflict between moneylenders and the Ugandan government over the regulation of interest rates. Moneylenders are pushing back against the government's proposal to cap interest rates, arguing that such measures would hinder their ability to offer loans, particularly to high-risk borrowers. They claim that the current economic environment, characterized by high inflation and operational costs, necessitates higher interest rates to remain profitable. On the other hand, the government, through the Ministry of Finance, is advocating for these caps to protect consumers from what they perceive as predatory lending practices. This standoff has led to a series of negotiations and public debates, with moneylenders warning that stringent regulations could lead to a reduction in credit availability, potentially stifling economic growth. Meanwhile, consumer protection groups support the government's stance, highlighting the need to shield vulnerable populations from excessive debt burdens.

Read the Full Daily Monitor Article at:
[ https://www.monitor.co.ug/uganda/news/national/moneylenders-govt-lock-horns-over-interest-rates-4846422 ]