{"id":11170,"date":"2021-12-11T16:03:27","date_gmt":"2021-12-11T16:03:27","guid":{"rendered":"https:\/\/www.africa-press.net\/malawi\/all-news\/banks-body-defiant-on-lending-rate-and-vat"},"modified":"2021-12-11T16:27:39","modified_gmt":"2021-12-11T16:27:39","slug":"banks-body-defiant-on-lending-rate-and-vat","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/malawi\/all-news\/banks-body-defiant-on-lending-rate-and-vat","title":{"rendered":"Banks body defiant on lending rate and VAT"},"content":{"rendered":"

Africa-Press – Malawi. <\/strong><\/span>Bank Association of Malawi (BAM) has defied Vice-President Saulos Chilima\u2019s directive that banks should reduce interest rates in the country as they are making obscene profits at the expense of poor Malawians.<\/p>\n

In an interview with Zodiak Broadcasting Station on Sunday, a confident and highly charged BAM Chief Executive Officer Lynses Nkungula said it was not true that banks make a lot of profit from interest of customers\u2019 loans.<\/p>\n

\u201cBanks make a lot of investments for them to make profits. It\u2019s not true that we make a lot of money through loans because we also make money through other avenues such as international trade.<\/p>\n

\u201cIf banks do not make profits then it is a cause for concern as the economy can collapse which can have an serious impact on the economy.\u201d<\/p>\n

Nkulungula said the solution was not for the banks to reduce lending rates, but for the government to find other means of reducing imports and increasing exports to improve for in the country.<\/p>\n

She also said the government\u2019s domestic borrowing appetite crowds out small-scale business entrepreneurs as they face stiff competition from what the CEO branded the \u2018Big Brother.\u2019<\/p>\n

\u201cThe government should do something about domestic borrowing from the local banks as it gives banks a viable client as they offer high rates. If the government educes domestics borrowing it will give small scale entrepreneurs a bargain,\u201d said Nkungula.<\/p>\n

On VAT, she remained defiant saying this is supposed to be met by customers. \u201cValued Added Tax is the tax which is supposed to be passed on to customers and not banks. That\u2019s why whenever a customer buys an item, it is indicated on the receipt the price as well as Value Added Tax separately,\u201d she said.<\/p>\n

Vice-President Chilima made the directive a couple weeks during the Institute of Chartered Accountants in Malawi workshop, saying the issue is non-negotiable as in the past there lending rate was lower while there were a few banks. He said with the higher number of banks, the lending rate should have been lower than the 25.67 percent as quoted in 2019.<\/p>\n

For More News And Analysis About Malawi<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Malawi. Bank Association of Malawi (BAM) has defied Vice-President Saulos Chilima\u2019s directive that banks should reduce interest rates in the country as they are making obscene profits at the expense of poor Malawians. In an interview with Zodiak Broadcasting Station on Sunday, a confident and highly charged BAM Chief Executive Officer Lynses Nkungula […]<\/p>\n","protected":false},"author":84,"featured_media":11169,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[233,371,234],"class_list":["post-11170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-malawi","tag-malawi"],"yoast_head":"\nBanks body defiant on lending rate and VAT - Malawi<\/title>\n<meta name=\"description\" content=\"Bank Association of Malawi (BAM) has defied Vice-President Saulos Chilima\u2019s directive that banks should reduce interest ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/malawi\/all-news\/banks-body-defiant-on-lending-rate-and-vat\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banks body defiant on lending rate and VAT\" \/>\n<meta property=\"og:description\" content=\"Bank Association of Malawi (BAM) has defied Vice-President Saulos Chilima\u2019s directive that banks should reduce interest ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/malawi\/all-news\/banks-body-defiant-on-lending-rate-and-vat\" \/>\n<meta property=\"og:site_name\" content=\"Malawi\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-11T16:03:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-12-11T16:27:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/12\/img-61b4d16395b78.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"730\" \/>\n\t<meta property=\"og:image:height\" content=\"845\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/banks-body-defiant-on-lending-rate-and-vat#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/banks-body-defiant-on-lending-rate-and-vat\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Banks body defiant on lending rate and VAT\",\"datePublished\":\"2021-12-11T16:03:27+00:00\",\"dateModified\":\"2021-12-11T16:27:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/banks-body-defiant-on-lending-rate-and-vat\"},\"wordCount\":369,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/banks-body-defiant-on-lending-rate-and-vat#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/12\/img-61b4d16395b78.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Malawi\",\"Malawi\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/malawi\/all-news\/banks-body-defiant-on-lending-rate-and-vat#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/banks-body-defiant-on-lending-rate-and-vat\",\"url\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/banks-body-defiant-on-lending-rate-and-vat\",\"name\":\"Banks body defiant on lending rate and VAT - 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