By Seleoe Nonyane
Nedbank Lesotho has hiked its prime lending rate from 11 percent to 11.25 percent.
This also applies to the investment rate, the bank announced in a recent statement.
The change, with effect from May 31, 2023, comes after the Central Bank of Lesotho (CBL) last week increased the repo rate by 25 basis points from 7.50 percent per annum to 7.75 percent per annum.
The central bank’s Monetary Policy Committee disclosed that the global economic prospects for 2023 have remained weak while the domestic economic activity has declined in the first quarter.
However, the latter is projected to improve in the medium-term on account of construction activities associated with the Lesotho Highlands Water Project Phase II.
CBL governor Maluke Letete told a press briefing that inflation has moderated but risks remain heighted by the weak Loti.
