Savings rate remains unchanged at 4.58% – The Nation Online: The reduction in policy rate in May this year by 100 basis points to 13.5 percent is yet to impact the commercial bank’s savings rate, it has been established.
The savings rate has been maintained at 4.58 percent since the first quarter when the policy rate fell by another 100 basis points to 14.5 percent.
RBM spokesperson Mbane Ngwira in an interview on Monday explained that maintaining the savings rate effectively reduces the spread between savings and lending rates.
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