Standard Bank has announced a decrease in its prime lending rate following the Bank of Namibia’s decision to trim the repo rate by 25 basis points from 4.00% to 3.75%.
In line with the Bank of Namibia’s decision, Standard Bank Namibia has decreased its loans, advances and deposits interest rate from 7.75% to 7.50%, effective 20 August 2020.
Standard Bank Head of Marketing and Communications, Magreth Mengo said the reduction of the prime lending rate is meant to mitigate the effects of the Covid-19 pandemic and stimulate economic activity in addition to several measures taken by Standard Bank to mitigate the effects of Covid-19.