Following Lombard rate and Policy rate revisions by the Reserve Bank of Malawi (RBM), the National Bank of Malawi (NBM) has adjusted its lending rates for its borrowing customers, effective Monday, 11th February 2019.
The Lombard rate is therefore ranging from 14.9% to 25.9%, with the previous ranging rates being 23% – 33%.
However, NBM has disclaimed that the specific application of the downward interest rate will depend on the respective customer’s risk profile and type of lending product.
The lending rate revision by NBM is a commendable development, considering that as commercials banks have been relieved by the recent RBM rates, it is wise that commercial banks ease the rates for borrowers as well.