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 BANKS REDUCE INTEREST RATES

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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.

 

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