Borrowing rates

Abundant liquidity helped keep borrowing rates low – FBC News

The Reserve Bank, in its latest economic reviews, said the abundance of liquidity in the banking system and the quantitative easing measures they have taken have helped keep borrowing rates low.

Thus, the lending and deposit rates of commercial banks fell over the year and over the month of November 2021, with the exception of the new term deposit rate which increased over the month.

The RBF says the weighted average outstanding loan rate for banks was 5.79% in November, down from 6.15% a year ago.

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It also indicates in its Economic Review that inbound personal remittances grew 16.2% in the 11 months of 2021 to $752.7 million.

Of the total cash transfers received, $445.2 million was paid out through money transfer operators, $161.9 million through mobile money platforms and $145.6 million through banks commercial.

The RBF says high global energy and food prices, coupled with persistent supply chain bottlenecks and labor shortages, continue to affect domestic prices.

Inflation followed an upward trajectory in the second half of 2021 and is expected to maintain its momentum in the first quarter of this year.

The annual inflation rate is estimated at around 2% at the end of 2021 and is expected to reach 2.5% by the end of this year.

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