Regulatory Alerts2023-04-25
Added · Updated
Interest Rates Applicable to Microfinance Institutions Directive No. MFI/29/2017
Directive No. MFI/29/2017 repeals and replaces Directive No. MFI/20/2010, applying the interest rate rules of Directive No. NBE/INT/12/2017 to all Microfinance Institutions by substituting the term "banks" with "Microfinance Institutions." This Directive becomes effective on October 11, 2017. The attached Directive No. NBE/INT/12/2017 establishes a minimum annual interest rate of 7.0 percent for savings and time deposits, while allowing demand deposit and lending rates to be freely determined by the institutions' Boards of Directors based on written, non-discriminatory criteria. These rates and criteria must be submitted to the National Bank of Ethiopia within five working days of setting or changing them.
Topics
Share