Bank Windhoek reduces interest rates
In response to the announcement by the Monetary Policy Committee of the Bank of Namibia to decrease the policy rate as announced on 14 August, Bank Windhoek reduced its Prime Lending Rate by 0.25% from 10.50% to 10.25%, effective 21 August.
The banks Mortgage Lending Rate will also decrease from 11.50% to 11.25%. According to Diederik Kruger head of funding and liquidity management at Bank Windhoek, the move follows the international downward trend in interest rates initiated by the U.S. Federal Reserve’s (FED) interest rate outlook and later adopted by the SA Reserve bank at their July meeting where SA rates also decreased by 25bps.
“This should give some relief to indebted individual and business clients and we welcome this move to support our local economy and clients affected by the economic downturn and the drought,” Kruger said.