Barclays Bank lowers interest rates

BARCLAYS Bank has reduced interest rates by 1.5 percent on average with the aim to continuously offer support towards Zambia’s economic growth prospects that have remained strong with the improved macro-economic environment.

This follows Bank of Zambia’s recent reduction of monetary policy rates from 12.5 percent to 11 percent and the statutory reserve ratio from 12.5 percent to 9.5 percent to make more liquidity available to commercial banks for lending.

During a media briefing yesterday, bank director for corporate banking Banja Kayumba said financing plays a key role in stimulating economic growth.
“We believe this reduction in rates will have a positive impact on our customers and will enable more customers to access funding from the bank at affordable rates.
“So far, this year alone, we have already reduced interest rates by 4.5 percent and we will continue lending to the key sectors to help stimulate growth of the economy.
“The available financing will not be for a specific sector but across all sectors of the economy, including retail, small and medium enterprises, agriculture, energy, manufacturing and mining. Actually, the bank has continued to play a significant financing role, with the last few years having helped to arrange financing in excess of K6 trillion,” she said.


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