Interest rates might hit 35% per annum —FDC

Interest rates might hit 35% per annum —FDC …C0NTINUE READING HERE >>>

Managing Director/Chief Executive Officer of the Financial Derivatives Company Limited (FDC), Mr. Bismarck Rewane, has said the effect of the increase in the Cash Reserve Ratio (CRR) on interest rates will push up borrowing costs to 33 – 35 percent per annum (p.a),

In the firm’s latest economic bulletin, Rewane observed that the default rate of loans will increase proportionately and that forex losses due to the payment of backlog at the new exchange rate will hurt corporate performance.

He also observed that there are expectations that the duty-waived imported commodities…

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