Interest rate drops to 15% amid covid-19

Feb 5, 2021, 10:21 AM

According to bank sources, all commercial banks in the country have responded positively to the appeal of the governor of the Central Bank of The Gambia (CBG), Buah Saidy, to reduce bank interest rates from 21% to 15% effective 1 February 2021.

A financial analyst told this medium that the intervention of the governor was timely as businesses in general are not attractive as before due to the covid-19 pandemic.

"The reduction will add volume to sustain businesses and Governor Saidy should be commended for his bold initiative in making sure that the high interest rates have been reduced to allow businesses to flourish."

"Bank Managers should also be commended to response positively to the appeal of the governor at a time when covid-19 has killed businesses."