Banks up rates

[NewsWhore]

Commercial banks and savings and loan associations have upped their interest rates by 2% and 3% for personal loans, vehicular loans and for home financing. Bank officials have been calling clients to notify them of the changes, and that adjustments could now be made on a quarterly base. The average annual mortgage rate is now at 16-17%. In May, prior to the presidential election, the Superintendent of Banks said that the stable exchange rate would keep interest rates at bay.

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