Bank Windhoek announces new prime and mortgage lending rates
In response to the announcement by the Monetary Policy Committee of the Bank of Namibia to decrease the policy rate as announced on 15 April, Bank Windhoek reduced its Prime Lending Rate by 1% from 9% to 8%. with the Mortgage Lending Rate decreased from 10% to 9%, effective from 21 April.
According to Diederik Kruger, head of funding and liquidity management at Bank Windhoek, the monetary action is necessary to support households and businesses operating during these challenging and uncertain times.
Kruger said the economic impact on Namibia’s small economy needs to be mitigated and bold moves are necessary to help protect vulnerable households and industries.
“This is certainly a worldwide economic crisis that has not been witnessed before. With interest rates at historical lows, Bank Windhoek encourages our clients to honour their financial obligations to cushion the impact of the Covid-19 pandemic on their budgets,” Kruger added.