Mmegi

BoB warns as banks test interest rate moratorium

Speaking softly: The central bank says it is still engaging with banks and does not want to have to take tougher action PIC: MORERI SEJAKGOMO
Speaking softly: The central bank says it is still engaging with banks and does not want to have to take tougher action PIC: MORERI SEJAKGOMO

The Bank of Botswana’s conduct and compliance unit is scheduled to conduct an assessment of the effective interest rates prevailing amongst local banks, amidst reports that some of them are “innovating” around the central bank’s moratorium on raising rates.

Since October last year, the BoB has restricted banks from increasing their prime lending rates, the benchmark rate against which other credit products and services are priced within banks.

The move came after a sharp upswing in interest rates amongst banks due to the shortage of liquidity in the market.

Editor's Comment
Exercise extra caution!

Unfortunately, petty thieves tend to be more vicious around this time as they also prepare for the festive season. Culturally, many Batswana go home for the holiday, and petty thieves are amongst those who go home. Burglaries, car break-ins, and attacks on unsuspecting pedestrians seem to be on the rise!That is not all, as scammers continue to take money from pensioners as well as other Batswana who may fall prey to their unscrupulous tactics....

Have a Story? Send Us a tip
arrow up