Namibia: Bank Windhoek Confirms New Interest Rates

25 March 2020

In response to the announcement by the Monetary Policy Committee of the Bank of Namibia to decrease the policy rate as announced on 20 March 2020, Bank Windhoek hereby confirms the reduction of its Prime Lending Rate by 1.00% from 10.00% to 9.00%. The Mortgage Lending Rate will decrease from 11.00% to 10.00%

The interest rate changes will be effective from Monday, 30 March 2020.

According to Diederik Kruger, head of funding and liquidity management at Bank Windhoek, the impact from the worldwide economic decline, triggered by the Covid-19 virus changed the status quo everywhere and that Namibia is in unchartered territory. "We believe that the quick and sweeping change announced by BoN will be the first of many and we can expect swift policy reforms to firstly guide banks to assist our clients better, but also to lighten the burden on individuals and businesses operating in Namibia."

"The impact from Covid-19 will go down in history as the worst disaster for financial markets, currencies and the world economy, but it is in times like these where brave leadership is needed to chart a new course towards a prosperous future for all of us," Kruger said.

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