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Government, Banks Agree on Voluntary Rate Ceiling for New Loans

  • The government and banking association have agreed to set a new voluntary interest rate ceiling for new corporate and retail loans, the Ministry for Economic Development announced. The voluntary top interest rate for new retail home loans is to be lowered to 7.3%, while that for new corporate loans to 9.9%, the ministry said in a statement. As a reminder, the base rate currently stands at 11.5%. The new interest rate ceilings will be effective until April 1.
  • Parliament will vote on a controversial bill to monitor “foreign influence” and on setting up a new golden visa program this evening. The proposed Sovereignty Protection Agency will have ample budgetary and institutional support, including from the intelligence services, to identify purported foreign efforts to influence politics.
  • There are no major data releases scheduled for today, or indeed for the remainder of the week. Attention will therefore turn to the major central bank decisions. The NBH next meet on Dec 19.

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