Yaoundé - 13 April 2024 -

Cameroon sees 3.2% hike in consumer interest rates between Q1 and Q2 2023

Cameroon sees 3.2% hike in consumer interest rates between Q1 and Q2 2023
  • Comments   -   Tuesday, 19 March 2024 09:59

(Business in Cameroon) - Interest rates for individuals have seen an increase of 3.2% between the first and second quarters of 2023 in Cameroon, data from the central bank Beac showed. Specifically, these rates have risen from 13.33% to 16.62% over the period, marking an increase of 329 basis points (3.2%).

This implies that individual borrowers in Cameroon have experienced a more significant rise in bank interest rates compared to businesses. Indeed, while rates for individuals climbed by 3.2% from the first to the second quarter of 2023, those for SMEs only increased by 1.43%, from 9.95% to 11.38%.

Meanwhile, interest rates for large enterprises went up by 99 basis points, or 0.99%. "The average debtor rates served to large enterprises slightly decreased to 7.05% in the second quarter of 2023, from 7.21% a year earlier. However, they increased by 99 basis points between the first and second quarters of 2023," the BEAC report states.

This widespread increase in bank interest rates in Cameroon can be attributed to the implementation of a restrictive monetary policy by the central bank. The measure was aimed at curbing inflation in the Cemac zone through an increase of key rates, suspension of liquidity injection operations, and intensification of liquidity withdrawing operations from banks.

Nigerian airline Air Peace has expanded its operations in Cameroon with the opening of a new flight route from Abuja, Nigeria's capital, to Yaoundé, the...
The Cameroonian Ministry of Commerce announced yesterday a significant reduction in rice prices effective Friday. This price adjustment follows the...
Cameroon, grappling with a chronic shortage of palm oil production, exported 657.3 tons of the commodity in 2022. This export generated about 713.6...
Cameroon’s trade deficit has significantly worsened from 2017 to 2022, totaling a loss of CFA256 billion over the six-year period, according to the...

Mags frontpage

Business in Cameroon n110: April 2022

Covid-19, war in Europe: Some Cameroonian firms will suffer

Albert Zeufack: “Today, the most important market is in Asia”

Investir au Cameroun n120: Avril 2022

Covid-19, guerre en Europe : des entreprises camerounaises vont souffrir

Albert Zeufack: « Le marché le plus important aujourd’hui, c’est l’Asie »