Following suit of Reserve Bank of Malawi (RBM) downward review of the policy rate, some commercial banks have also reviewed their lending rates, namely Standard Bank and MyBucks Banking Corporation.

Standard Bank adjusted its Base Lending Rate from 14.9% to 13.9%, a 1.0% slash, equal to the recent policy rate review. On the other hand, the bank’s maximum lending rate from 25.9% to 24.9%, saying that rates for savings, call and fixed deposits would remain unchanged.

MyBuck’s maximum lending interest rate to its borrowers will be 25.5% from 26.6% while announcing that the specific interest rate applicable to individual borrowers will depend on perceived credit risks associated with the individual borrowers, as well as specific categories of credit facilities.

In January, RBM also announced to have cut the indicative cost of money by 1.5 percentage points, from 16% to 14.5%, which was reviewed recently, slashed by 1.0%, making a new policy rate of 13.5%. In both reviews, bank followed suit, as the recent review awaits 9 more commercial banks to adjust their base lending rates.