By Banele Magongo
MBABANE -The Central Bank of Eswatini (CBE) has decided to maintain the prime lending rate at 11%, despite the nation’s inflation holding steady at 4.1%.
This decision, which has remained unchanged since July 2023, means that there will be relief for Emaswati borrowers in various financial institutions.
Terrance Tfwala, a Financial Literacy Advocate at the Central Bank, explained that despite reports suggesting a 7.5% cap, the prime rate will persist at 11%. This implies that individuals with existing loans will continue to pay the same amount as before.
Tfwala also mentioned the anticipation surrounding the next committee meeting, speculating that previous decisions might have been influenced by the political climate in South Africa. With elections concluded there, uncertainty looms over what the future holds for Eswatini’s financial policies.
