Mutebile Snubs Calls To Quit, Reduces CRB To 21%


more about approved geneva; font-size: small;”>“Only the President has powers to sack me. Not any one else. I am still around, information pills ” Mutebile told press today before announcing a reduction in the Credit Bank Rate to 21% for March down from 22% in January.

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MPs have stepped up their calls for the resignation of Mutebile for his alleged complicity in the inflated compensation payments to tycoon Hassan Bassajabalaba after losing tender for city markets.

Mutebile says those who think he is stepping down are day dreamers.

“I am not going anywhere. There is no cause for alarm in the markets” he roared.

“Looking ahead, BoU will continue to conduct prudent monetary policy to bring inflation close to 5 percent over the medium term and also ensure a firm anchoring of the inflation expectations in line with the BoU’s aim of maintaining price stability,” the Governor further said.

“This drastic reduction could result in an unwarranted sharp contraction of economic activity in the month ahead,” cautioned Mutebile,

“Therefore, a cautious easing of monetary policy is appropriate given that, over the period ahead, inflation is expected to decline much faster and that economic growth is expected to remain subdued.”


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