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NBS denies reducing interest rates at behest of President
The New Building Society
Kaieteur News – The New Building Society insists that its reduction in its interest rate which led to a decrease in the company’s profits was in fact a ‘conscious decision’ and not at the behest of the President.
The clarification is being made following reports by this publication that said “Pres. Ali’s intervention causes NBS to lose half a billion in profits.”
According to NBS, through its attorney’s however, the article was misleading since the decision taken not as a result of the president’s direct intervention, but by the company itself.
To this end, the company reminded that in the report, it said “Throughout the year 2023, the Society steadfastly focused on supporting our valued members having recognized the continued impact of the COVID-19 pandemic on their livelihoods. In 2022, following discussion with His Excellency President Dr. Mohamed Irfaan Ali the Society took the conscious decision to drop interest rates to the lowest ever in its history bringing our lending rates as low as 3.5 percent. We made these lower rates available to all our borrowers currently holding mortgages with the Society. As a consequence, our mortgagors would have benefitted from interest rebate in the sum of approximately $800M for 2022 and $850M for 2023. We have also allowed our savers to earn the highest rate 0.2.75% in the banking industry.” Kaieteur News regrets the misrepresentation in the article and issues an apology to Mr. Nanda Gopaul Chairman of the society and also retracts the headline of the article in question.
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