Debub Global Bank, one of the youngest banks, has followed the lead of the other banks by cutting interest rates for the hotel and horticulture sectors until June 20, 2020. For the hotel sector, the Bank has introduced a cut of between Two to 2.7 percentage points. For the horticulture sector, the cut ranges from 1.9 to 2.4 percentage points. The Bank has also made a 2.6 percentage point cut to the interest rate for overdraft facilities for hotels and a 1.6 percentage point cut for the horticulture sector. The Bank, which has made the interest cuts effective beginning April 1, 2020, has a total outstanding loan portfolio of 3.8 billion Br as of April 30, 2020. So far, Awash, United, Wegagen, Abay, Zemen and Dashen banks have announced interest rate cuts on lending.
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