Banks react to policy rate cut | The Times Group: By William Kumwembe:
Kabambe
Commercial banks in the country have started lowering their base lending rates in reaction to the Reserve Bank of Malawi’s (RBM) recent downward revision of the policy rate.
As we went to press, two of the country’s 11 commercial banks, Standard Bank and MyBucks Banking Corporation, had announced to have restructured their interest rates.
MyBuck’s maximum lending interest rate to its borrowers will be 25.5 percent, down from 26.6 percent according to a statement issued Wednesday.
The bank says the specific interest rate applicable to individual borrowers will depend on perceived credit risks associated with the individual borrowers, as well as specific categories of credit facilities.
In a separate statement, Standard Bank announced that it has adjusted its Base Lending Rate from 14.9 percent to 13.9 percent.
The bank has revised its Maximum Lending Rate from 25.9 percent to 24.9 percent, saying that rates for savings, call and fixed deposits would remain unchanged.
Kabambe
Commercial banks in the country have started lowering their base lending rates in reaction to the Reserve Bank of Malawi’s (RBM) recent downward revision of the policy rate.
As we went to press, two of the country’s 11 commercial banks, Standard Bank and MyBucks Banking Corporation, had announced to have restructured their interest rates.
MyBuck’s maximum lending interest rate to its borrowers will be 25.5 percent, down from 26.6 percent according to a statement issued Wednesday.
The bank says the specific interest rate applicable to individual borrowers will depend on perceived credit risks associated with the individual borrowers, as well as specific categories of credit facilities.
In a separate statement, Standard Bank announced that it has adjusted its Base Lending Rate from 14.9 percent to 13.9 percent.
The bank has revised its Maximum Lending Rate from 25.9 percent to 24.9 percent, saying that rates for savings, call and fixed deposits would remain unchanged.
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