BANKS REDUCE INTEREST RATES
By Ellen Hambuba: A number of commercial bank have reduced interest rates on all kwacha denominated loans and advances. This is in response to the move by the Bank of Zambia -BOZ to announce a reduction in Monetary policy rate from 11.5 percent to 9.25 percent. Among the banks that have revised their interest rates downwards include, Indo Zambia Bank, Stanbic Bank and Atlasmara Bank. Indo Zambia bank have revised downwards by 2.25 percent on interest rates on all kwacha denomination credit facilities having floating rate of interest option. The Bank says the changes will affect all monetary policy rate linked credit facilities effective 20th May 2020.Stanbic Bank has also reduced the rate of local currency loans and advances that are linked to the monetary policy rate by 2. 25 percent and will be effective 29th May 2020.Stanbic however says the decrease in the monetary policy rate will affect loan repayments.The bank says customers have option of adjusting their monthly repayments or their loan tenure. Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:”Table Normal”; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:””; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:8.0pt; mso-para-margin-left:0in; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:”Calibri”,sans-serif; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:”Times New Roman”; mso-bidi-theme-font:minor-bidi;} Post Views: 17
News Source: ZNBC