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 2020, Bank Windhoek confirms the reduction of its Prime Lending Rate by 1.00% from 9.00% to 8.00%. The Mortgage Lending Rate will decrease from 10.00% to 9.00%
The interest rate changes will be effective from Tuesday, 21 April 2020.
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. The economic impact on our small economy needs to be mitigated, and this is just one intervention from the regulator to assist the banks in helping our clients. During times of great uncertainty, bold moves are necessary to help protect our 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 said.
For more information, contact our Treasury Department at Tel: +264 61 299 1641