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Experts predict that the National Bank will raise interest rates three more times and that the rate will be 3.25% next March!

16/09/2022

Some experts and scholars predict that the National Bank will raise interest rates three more times, that is, in November, January and March next year.

 

It is generally expected that as the Fed continues to raise interest rates, the National Bank will be forced to follow suit. The National Bank is likely to raise the overnight policy rate (OPR) from the existing 2.50% to 2.75% in September, which means a 0.25% increase.

 

If the situation at home and abroad does not improve, the National Bank may raise interest rates by another 0.25% in January 2023, when the OPR will increase from 2.75% to 3.00%.

 

Some studies suggest that the NB should raise the overnight policy rate (OPR) from 3.00% to 3.25% in March 2023 with another 0.25% rate hike, as this is the only way there will be no negative interest rates after adjusting for inflation.

 

If the national bank raises the overnight policy rate to 3.25%, financial products such as home loans and car loans will follow suit. The monthly interest that borrowers would have to pay would certainly follow, although time deposit depositors would be able to earn more interest.

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