Banks grant billions in debt holidays
Banks grant billions in debt holidays
Jo-Maré Duddy - Commercial banks in Namibia granted Covid-19 debt relief totalling N$9.2 billion from the beginning of April to the end of June.
Most of debt holidays were granted to individuals, the governor of the Bank of Namibia (BoN), Johannes !Gawaxab, said at the monetary policy announcement this morning.
According to !Gawaxab, 57% of all debt relief applications submitted to banks were approved.
The BoN today lowered its repo rate by 25 basis points from 4% to 3.75%.
The prime lending rates of commercial banks will therefore decrease from 7.75% to 7.5%.
The repo rate has been dropped by 2.75% so far in 2020.
Full report tomorrow in Market Watch.
Jo-Maré Duddy - Commercial banks in Namibia granted Covid-19 debt relief totalling N$9.2 billion from the beginning of April to the end of June.
Most of debt holidays were granted to individuals, the governor of the Bank of Namibia (BoN), Johannes !Gawaxab, said at the monetary policy announcement this morning.
According to !Gawaxab, 57% of all debt relief applications submitted to banks were approved.
The BoN today lowered its repo rate by 25 basis points from 4% to 3.75%.
The prime lending rates of commercial banks will therefore decrease from 7.75% to 7.5%.
The repo rate has been dropped by 2.75% so far in 2020.
Full report tomorrow in Market Watch.
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