SBN increases prime lending rate


Standard bank has decided to up their prime lending rate as from last week from 9.25 %to 9.50% following the decision by the Bank of Namibia to increase its repo rate by 25 basis points from 5.50% to 9.5%.
Standard Bank public relation and corporate communication manager Surihe Gaomas-Guchu said that “home loan base rate will increase from 10.25% to 10.50%, while the vehicle and asset finance rates will continue to be linked to the prime lending rate and re-priced accordingly.”
On the positive side, the wholesale deposit rates (call and 32 days accounts) will be re-priced upward with 25 basis points.
The cash management credit rate will be adjusted with 25 basis points and the call loan rate is linked to the prime lending rate. The Usury Act Maximum Rate will be adjusted from 14.80% to 15.20% in accordance with the Government Notice 196 of 12 August 2004.