People's Bank has reduced its interest rates on loan and overdraft facilities by between 1% and 2%, in line with calls by the Central Bank.
The rates would apply to any new loan and overdraft facility as well as to those which have been approved but with funds hitherto unreleased. Agriculture, Fisheries, Animal Husbandry, Dairy, Micro Finance Loans for Small and Medium Enterprises, Housing and Construction, Service Sectors and Exports are the fields that will benefit from this reduction of interest rates.
The bank said in a statement that the decision has been made as an incentive to encourage entrepreneurs in these enterprises to invest more into their respective fields. |
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