CBK cuts rate by 0.5 %

The central bank has cut down the rate by 0.5 % basis to be 2.5 % instead of 3 % as before. This was announced today morning. So eventually the loans rate has been decreased by 0.5 % to be 5.5 % instead of 6%. And also all banks have decreased the rates of deposits by 0.5 %.

This will be a tough competition between banks to retain their customers and avoid the transfer of funds to stock exchange or real estate deals. On the other hand it’s good for loan customers to renew their loans at a lower interest rate and instalment.

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