Bank Windhoek adjusts 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 17 June, Bank Windhoek has reduced its Prime Lending Rate by 0.25% from 8.00% to 7.75%.
The interest rate changes will be effective from Tuesday, 23 June.
Furthermore the bank announced that the Mortgage Lending Rate will decrease from 9.00% to 8.75%.
Diederik Kruger, head of funding and liquidity management at Bank Windhoek commented, “While the possibility of more cuts cannot be ruled out at this point, we expect that the benefit from the sharp cuts will gradually alleviate the debt burden of our clients. This should see some recovery in economic activity.”