This has widened the gap between lending rates and interests. He added, “It is not true that there is one lending rate for everybody. “If they want to lend money to those who are in need of it, they do at a very high rate. Provisional data indicated that movements in banks’ deposit rates were mixed, while lending rates trended upwards in November 2019. Similarly, the spread between the average savings deposit and maximum lending rates widened by 0.8 percentage point to 27.43 percentage points at end-November 2019.

Source: Punch February 02, 2020 23:37 UTC