Every year, the business public looks forward to a fair interest rate for loans and other credit instruments: such as would guarantee transparent pricing, accountability, easy access to start-up as well as expansion capital for a thriving economy.
 It’s on that basis that the country’s central bank today released data on Annual Percentage Rates (APR) of interest charged on loans and credit advances and the Average Interest (AI) paid on deposits by banks.
The information is based on earlier established figures released last month precisely, January 31st.
The release has it that, the industry's average base rate was 27.6 percent, a less than one percent decline from the previous year’s 28 percent.
The rate covers 31 financial institutions in the country.
The APR is the true interest rate banks and non-banking financial institutions charge on the loans and advances issued to the business public. It represents the true cost of borrowing and includes statutory charges and commissions imposed on banks.
 Average interest paid on deposits is the average interest paid by banks on deposits over a specified period. Base rate reflects the least interest rate that can be charged on loans and advances.
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