LOLC reduces interest rate on fixed term deposits....
LOLC reduces interest rate on fixed term deposits....
It was 8.5 % (for 36 month deposits) until a few days ago. Now it has been reduced to 8%. Are any other MFIs reducing interest rates??
But the usd is slowly sinking into a pile of covid infected feaces which cancels out the .5% decrease in int rate.
LOLC will cut their quick access account rate from 5% to 3% from August 1st. This also means that they will pay 2 points less if a term deposit is cashed before maturity.
12 month usd TDs are now 7.75%. Note that 36 month TDs do not compound interest i.e. they simply pay the 8% rate 3 times on maturity.
What you get for taking a 36 month term is the additional quarter point and some guarantee of that rate over three years.
Per their websites WB are offering (12 month TD) 7.5, Prasac and HKL 7.25.
Risk is increasing while reward is reducing.
Ive seen it reported that 2 years into this pandemic is when the financial crisis will begin to unfold its ugliness.
Thats 2021 when the shit really hits the fan, punters.
Hows thats vaccine going?
Thats 2021 when the shit really hits the fan, punters.
Hows thats vaccine going?
I just discovered that LOLC have reduced their 12 month TD rate to 7.25%.
That's three quarter point cuts since July.
This time they didn't bother to advise me by SMS.
That's three quarter point cuts since July.
This time they didn't bother to advise me by SMS.
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The Sri Lankans sold their 70% share in mid-April. Usually this type of thing happens as an after-effect, ie.: whenever a new bidder takes over the primary investment contract... another reason is because most MFIs are being asked to defer loan repayments by borrowers...
If you have an existing term, its rate should not be affected by the downgrade. Unless they run things in a very strange way...
http://www.newswire.lk/2020/04/13/sri-l ... odia-deal/
(This thread belongs in Money and Banking.)
If you have an existing term, its rate should not be affected by the downgrade. Unless they run things in a very strange way...
http://www.newswire.lk/2020/04/13/sri-l ... odia-deal/
(This thread belongs in Money and Banking.)
"Storytelling reveals meaning without committing the error of defining it."
...Hannah Arendt
...Hannah Arendt
It was Prasac that LOLC (Sri Lanka) sold their 70% stake in.Sri Lanka’s LOLC gets US$422mn from Cambodia deal
LOLC Holdings PLC has announced that it has received 422 million dollars as the first tranche by selling its 70% stake from the leasing body’s Cambodian microfinance arm.
In January this year, the LOLC Group announced of their agreement to sell it’s 70% stake held in Cambodia’s largest Microfinance Company, PRASAC, to the world’s sixth largest Commercial Bank and Korea’s biggest Commercial Bank, Kookmin for US$ 603Mn, a Rs. 120Bn in local currency terms.
Sealing the deal, LOLC confirms that both parties had received the necessary approvals from their respective regulators in both countries, the National Bank of Cambodia (NBC) and The Financial Services Commission (FSC) of Korea to conclude the transaction and the first tranche of US$ 422 Mn was received by LOLC International Pvt Ltd recently. The balance of US$ 181 Mn will be due in 2022 and the post transaction value of PRASAC is valued at US$ 862Mn.
“We are pleased that this landmark transaction will also facilitate a significant inflow of foreign currency to the country,” LOLC Deputy Chairman Ishara Nanayakkara said in a statement
Just from memory but wasn't that stake bought by a very stable Korean finance house?
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KB kookomin bought it
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