Zenith Bank sets lending rate at 8.92 percent in the first week of March, the lowest among the 13 commercial banks in the country. Union Trust Bank (UTB) is the highest. The base or lending rate of UTB stands at 14.81 percent.
Three of the commercial banks have their base rates at 14 percent including UTB, while 4 of the banks have their base rates at 13 percent.
The base rate is also known as the prime or minimum lending rate. This is the rate at which commercial banks lend to their best customers.
The Bank of Sierra Leone has developed a model for all the banks to compute the base rate. The aim is to have a transparent and uniform system across the commercial banks.