Tue, 14 Mar 2017 10:42:30 +0000 Barclays pledges to slash interest rates By BUUMBA CHIMBULU BARCLAYS Bank Zambia has put in place measures to reduce interest rates following the favourable market conditions which are moving in that direction, says the bank’s managing director Saviour Chibiya. Mr Chibiya explained that the reduction of the statutory reserve ratios by the Central Bank, loosening of the monetary policy rate and decrease of inflation rate indicated that the financial market was heading in the right direction. He said in an interview that the reduction in the monetary policy rate would allow liquidity in the financial system which would enable commercial banks lend at reasonable levels. Mr Chibiya said all his bank’s interest rates would be reduced following the current trend in the financial market. “As a bank we believe the interest rates were too high for customers and therefore we would want to see them come down and […]
