The
Local banks were asked to reduce their interest rates in July and the
"What we've seen since the end of September, October and now beginning of November, we are seeing a reduction in rates for housing loans and businesses as well,"
Interest rates on housing loans have gone down from an average of 7.6 percent at the end of September to 6.7 percent at the end of October. The lowest housing loan interest rate is actually at 5.5 percent at Nouvobanq, while the highest is 8 percent at
For business loans where securities are needed it has gone down from an average of 11.3 percent to 10.6 percent. The lowest is 8 percent and the highest 12.5 percent. The bank with the lowest interest rate is
"What we are expecting the following months, when we are around the corner for 2022, is that we keep seeing an improvement in the interest rates that become lower," said Abel.
She added that "many banks approached us when we asked them to lower their interest rate and I am pleased to say that some have made a commitment to further reduce it in the coming months."
There are currently eight commercial banks operating in
Abel also spoke of
"Inflation is still high in
Meanwhile, during the press conference, the Governor of
"Despite our improving economic situation, we still have to be mindful of what we do...We have to continue monitoring the pandemic and the public needs to ensure that their action reflects the economic reality of the country, to ensure that things can get back to normal," she said.
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