Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Banner Left
Banner Right

Banks drop rates

Banks drop rates

COMMERCIAL banks have finally started competing against each other with their prime lending rates, as pressure from the Bank of Namibia (BoN) for lower interest rates mounts.

In a historic move, Standard Bank Namibia and FNB Namibia became the first commercial banks to drop their prime lending and mortgage rates by more than the BoN’s latest repo rate cut. In an extraordinary step, the BoN decreased its repo by 50 basis points to 7,5 per cent last week.Standard Bank Namibia yesterday slashed its prime lending and mortgage rates by 100 basis points to 11,75 per cent.FNB Namibia followed late yesterday afternoon with the announcement that they will cut their prime lending and mortgage rates by 75 basis points. Their new rates of 12 per cent become effective today.Bank Windhoek and Nedbank Namibia are yet to tell clients by how much they intend lowering their interest rates.The banks’ reaction came after BoN Governor Tom Alweendo last week said that the big difference of 475 basis points between the repo rate and the prime lending rate in Namibia cannot be justified when compared to similar economies.The BoN yesterday told The Namibian that the huge rate spread will be on the agenda when the central bank has its quarterly discussions with the Bankers’ Association of Namibia (BAN) next Thursday. (Also read report in today’s Bottomline.)jo-mare@namcom.na

Stay informed with The Namibian – your source for credible journalism. Get in-depth reporting and opinions for only N$85 a month. Invest in journalism, invest in democracy –
Subscribe Now!

Latest News