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Sunday, 22 June 2014 - 9:20
Call to lower lending rates
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The Central Bank has called upon banks to lower market lending rates to reflect decline in interest rates on bank deposits.

The monetary policy review issued by the Monetary Board said that deposit rates have reduced to anticipated levels, although the lending rates in the market have still not adjusted in line with the decline in deposit rates.

Central Bank sources said that banks have adequate space to reduce market lending rates further to encourage the private sector to demand credit from the banking sector, while also tightening the spread between lending and deposit rates of banks to a more reasonable level.
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