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May 15 , 2020
Abay Bank has becomes the latest private bank to slash commercial loans for borrowers from the industries that are adversary affected by Novel Coronavirus (COVID-19).
The interest rate cut ranges between 0.5 to three percentage points depending on the loan repayment schedules and the level of impact the pandemic caused to businesses.
Abay has joined its peers such as Awash, Zemen, United, Wegagen and Enat in cutting down interest rates on lending while the central bank remains unmoved to slash interest rates on deposits.
Abay's revised rate will remain active until the pandemic is under control and things get back to normal, according to Belete Dagnew, vice president for corporate services.
Borrowers from the hotels, tour and travel, and horticulture industries received the highest interest rate cuts. The management of the Bank has also extended the loan repayment schedule for the three industries for three months.
The interest cut will result in the loss of 55 million Br at the Bank, Belete disclosed.
Abay had 10.4 billion Br in outstanding loans as of the end of last month.
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