The interest rate of Central Bank has been increased from the current 7 percent to 9 percent, announced on August 14.
The minimum interest rate that banks can charge on deposits is 7 percent and the maximum interest rate that banks can charge on all loans is 15 percent, according to the statement.
Banks should set deposit and loan interest rates between 7% and 15% based on their ability to make a profit and manage their risk of loss.
According to the state’s policy, the interest rates of the special loans that are currently being provided have not changed and the interest rate amendment will take effect from September 1, according to the statement.
The statement also stated that the interest rate adjustment is to reduce the inflation rate appropriately, in order for the people to earn more interest income from bank deposits and the objectives of increasing the lending capacity of banks and supporting economic growth.
