Senegal: Government looking to lower interest rates

Feb 05, 2013

The government is actively working on reducing interest rates, said the Senegalese Minister of Economy and Finance, Amadou Kane.

The government is actively working on reducing interest rates, said the Senegalese Minister of Economy and Finance, Amadou Kane.

"We managed to reduce interest rates from seven percent to less than six percent (...) these rates should affect the rates applied to other operators.

And this is an important part of the government policy to lower interest rates," he told APS news agency last week.

The Minister wishes to pursue an "intelligent" policy that involves the State, but "that does not seek to strangle the banking system with administrative measures."

The policy's long-term goal is to improve access to credit in Senegal by reducing the cost of loans, in a country where 80 percent of the population has no access to the formal financial system and only eight percent owns a bank account.ADNFCR-2976-ID-801534616-ADNFCR