The Zambia National Commercial Bank ((ZANACO) has also increased interest rates on all clients who have loans with it.
In a public notice, ZANACO says the increase has been necessitated by the Bank of Zambia’s increase of monetary policy rate.
Zanaco therefore says ‘the adjustment either will result in increased loan tenure or increased monthly installments’.
Zanaco increased rates will be effected on 1 June 2019.
Standard Chartered bank has already increased loan tenure and or monthly installments for clients with outstanding loans. All banks are expected to to increase interest rates and tenured this week following BOZ increments in monetary policy rates.