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Bank deposit rates increased in response to the rising inflation, increase in government dependency on domestic finance, and the possibility of domestic debt restructuring. Bank’s new deposit & lending rates increased by 16.5% to 17.5% during the last twelve months while the T-Bill rate increased by 21%.
After 364Days T-Bill stabilized since mid of 2022, the bank’s deposit rate was also forced to slow down, and the effect visible at end of 2022 as the bank’s deposit rate fell marginally in December from where it was in November.