BANKERS Association of Zambia chairperson Mizinga Melu has attributed the reduction in lending rates by some banks to the positive downward trend in inflation, kwacha appreciation and the stable macro-economic environment. Standard Chartered Bank Zambia Plc recently announced a drop in interest rates on personal loans to 23 percent from 29 percent and that it would be offering a maximum of K450,000 with a tenor of up to 60 months. And responding to a press query, Melu said the reduced interest rates would make borrowing much more affordable, especially to small and medium enterprises and households. “The association is delighted to see banks heeding the call and responding by reducing lending rates. Reduced interest rates will make borrowing much more…...

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