Bank Windhoek reduces its prime and mortgage lending rates in response to Central Bank’s repo rate cut
Following the announcement made by the Bank of Namibia to decrease the repo rate by 100 basis points to 5.25%, Bank Windhoek confirmed the reduction of its prime lending rate by 1% from 10% to 9% with its mortgage lending rate set to decrease from 11% to 10%, effective from 30 March.
According to Diederik Kruger, head of funding and liquidity management at Bank Windhoek, the impact from the worldwide economic decline, triggered by Covid-19, changed the status quo everywhere.
“We believe that the quick and sweeping change announced by Bank of Namibia will be the first of many and we can expect swift policy reforms to firstly guide banks to assist our clients better, but also to lighten the burden on individuals and businesses operating in Namibia,” Kruger said.
Kruger said the impact from Covid-19 will go down in history as the worst disaster for financial markets, currencies and the world economy, but it is in times like these where brave leadership is needed to chart a new course towards a prosperous future for all.