The Central Bank has slightly changed the interest payable on bank deposits, but most rates remain below the rate of inflation.
The inflation rate announced for the 12-month period ending October 22 was 19.4 percent, a figure almost everyone considers to be lower than the actual inflation rate.
The Central Bank’s old rates that banks were required to pay depositors and the new rates that took effect December 22 are as follows:
Period Old New
1 year 22 22
9-12 months 18 20
6-9 months 16 18
3-6 months 14 14
Under 3 mnth 10 10
The Central Bank also said that deposits left in a bank for less than one month would no longer receive any interest.