Oromia International Bank has lowered the interest rate on loans as part of its move toward easing the burden on businesses due to the economic slowdown caused by the spread of the Novel Coronavirus (COVID-19). The Bank temporarily slashed the interest rate by 0.25pc to 3.45pc for certain business sectors. It also waived fees that had been imposed on loan rescheduling, early settlement charges as well as ATM transactions. Commitment and arrangement fees have been also lifted temporarily. The new adjustments are aimed at mainly easing the burden on the tourism sector, hotel services and horticulture, according to Teferi Mekonnen, acting president of the Bank. The Bank is also granting a grace period for borrowers that are facing difficulties in repaying their loans, according to the president. Oromia also reduced the commission that is typically charged to extend purchase orders and letters of credit from 3.75pc to 2.65pc. A week ago, the Bank donated five million Birr to the national committee that is mobilising funds to ward off the potential spread of COVID-19.
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