Savers to bear brunt of interest rate cut

Friday, August 19, 2016

Savers are going to bear the brunt of the Bank of Botswana’s (BoB) attempts to weaken monetary policy to bolster the domestic currency, economic analysts have warned.

Last week the central bank reduced its benchmark rate by 50 basis points from six percent to 5.5%, responding to low inflation and a slowing economic growth.

Chief investment officer at Afena Capital Botswana, Alphonse Ndzinge said net savers that depend mostly on short-term fixed deposits for income are probably the worst hit.

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