Bank Adjudicator warns against impulse borrowing

Wednesday, January 13, 2010

The Bank Adjudicator, Gabriel Maotwanyane, has warned consumers against the impulse to make unnecessary borrowings inspired by the prevailing low interest rates at local banks.

Presently, the bank rate is 10 percent, having been reduced by accumulative 5.5 percentage points during 2009 as inflation cooled off during the year.

As a result, the prime rate offered by commercial banks declined consequently - to 11.5 percent from 17 percent in December 2008, offering debtors relief during a particularly difficult 2009.

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