Finance Minister Abdullah Jihad has sginalled that the interest rates for the local banks will dip.
Delivering the keynote address at the ceremony held to unveil the new “Randhiha Fahei” note series, Minister Jihad said that the interest rates of MMA treasury bills will be lowered from 1st November.
As such, he noted that the T-bill prices have been slashed by almost 50 percent, which are now selling at 4.5 percent compared to the 9 percent.
“This will force banks to slash loan interest rates. We have talked to the banks, they have endorsed the move. Hopefully, results will be seen soon. This will greatly impact the public,” he said.
Minister Jihad said that the participation of private businesses and individuals in the financial sector was vital to the development and urged such entities to use all financial measures made available to them.
“If services are not available, then approach the financial institutions. Many approach me to facilitate loans, I have complied and assisted. I assure that the Ministry will provide all assistance if necessary,” he said.
Minister Jihad said that the Financial Forum which will start on Monday, will facilitate to bridge the gap between the public and financial institutions and called on all to make the best use of it. He appealed youth to take the opportunities available to them and to thrive in the sector. He also noted that women were highly active in the sector inspite of the limitations of the market. He cited that MMA Governor, Deputy Governor and three Assistant Governors were all women, citing that this was a source of pride for the nation.