Banks Uphold Caps on Deposit Rates

Directors of banks and credit institutions decided Sunday to set a 15% cap on long-term deposits, a decision compatible with the CBI ceiling. However, lenders were apparently given leeway to raise rates up to 18%. 
The weekend decision came into effect immediately and is applicable to all deposit accounts as of Monday.    
In response to reports in some media outlets regarding  cuts in interest rates, IBENA, the news agency affiliated to the Monetary and Bank Research Institute, said the “recent decision by lenders reflects their will to uphold  past rules approved by the Money and Credit Council”.