Shopkeepers in Uganda strike over loans | News | Al Jazeera

Shopkeepers in Uganda strike over loans

Business owners in Kampala say high interest rates are forcing many of them to shut up shop.

    Shopkeepers in the Ugandan capital Kampala are striking in 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.

    SOURCE: Al Jazeera


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