Standard Bank Namibia increases interest rate

26 Feb 2015 14:10pm
WINDHOEK, 26 FEB (NAMPA) - Standard Bank Namibia has increased the bank's interest rate from 9.75 per cent to 10.00 per cent.
The increase is be effective 18 February this year.
In a media statement issued by the bank on Thursday, the bank informed its customers that Standard Bank’s home loan base rate has also increased from 10.75 per cent to 11.00 per cent.
Vehicle and asset finance rates will continue to be linked to the prime lending rate and re-priced accordingly, the statement explained.
The prime rate increase follows the decision by the Bank of Namibia last week to increase the repo rate by 25 basis points from 6.00 per cent to 6.25 per cent.
“After the central bank’s announcement, the prime lending rate now went up from 9.75 per cent to 10.00 per cent,” it said.