Kathmandu, October 18
Most commercial banks of the country have revised interest rates for the month of Kartik that began today. Most of the interest rates announced are the highest of the past three years.
Bankers have made a gentleman’s agreement to increase interest rates to address the liquidity crisis seen in the market.
Bhuwan Dahal, the president of the Nepal Bankers’ Association, says the rates are the highest in the past three years.
Here are the interest rates of major banks of the country:
- Himalayan Bank: Up to 11.66%
- NIC Asia: Up to 11.1%
- NCC Bank: 10.55%
- Kumari Bank: 10.31%
- Laxmi Bank: 10.05%
- Sunrise Bank: 9%
The rise in the rates of interest on deposits is likely to cause a similar increase in the loan interest rates also.