About two weeks ago the Central Bank lowered its benchmark rate or Central Bank Rate to an all-time low of 9 ½% with the intent to spur lending and growth. But the same slow growth that pushed the Central Bank’s action, was somehow limiting commercial banks’ willingness to cut interest rates. “Our GDP growth has been a bit subdued and that has impacted obviously on the private sector in terms of their ability to grow. And that enviably would also impact on banks’ ability to lend because it is a factor of how the economy grows.” Said, Albert Saltson – MD, Stand Chart Bank.

But the Central Bank Rate could not continue to be partially ignored by risk Avast banks as a policy indicator. And the promise was that rates would come down from about 23% average now. “There has been some downward trend over this particular year in line with the way the bank rate has been going down. Has it been going in tandem? Absolutely not, because there are so many other factors that banks consider when looking at interest rates. From a bankers’ association perspective, we are engaging with the Central Bank to see that which factors we can look and touch and try to bring the rates down. Will it come down? I believe it will.” Said, Albert Saltson – MD, Stand Chart Bank. At their best lending rates reached 17%. Could the renewed Oil investment bars and actual investments help? Time would show.