Four commercial banks in Malawi, namely MyBucks Banking Corporation, National Bank of Malawi, Standard Bank and NBS Bank have lowered their base lending rates from 13.30% to 13.20%.

This development is in accordance with downward reviews by the Reserve Bank of Malawi (RBM) at the end of its Monetary Policy Committee (MPC) Meeting, which made various developments to ease the economy amidst the coronavirus pandemic.

RBM also resolved to cut the Liquidity Reserve Requirement (LRR) on domestic deposits by 125 basis points to 3.75% from 5.0%, therefore increasing all commercial banks’ liquidity by K12 billion.