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


    YOU MIGHT ALSO LIKE

    How Moscow lost Riyadh in 1938

    How Moscow lost Riyadh in 1938

    Russian-Saudi relations could be very different today, if Stalin hadn't killed the Soviet ambassador to Saudi Arabia.

    Interactive: Coding like a girl

    Interactive: Coding like a girl

    What obstacles do young women in technology have to overcome to achieve their dreams? Play this retro game to find out.

    The Coming War on China

    The Coming War on China

    Journalist John Pilger on how the world's greatest military power, the US, may well be on the road to war with China.