Prime Lending Rate History
On 30 May'24 we will have our next Monetary Policy Committee (MPC) meeting and the next Interest Rate / Prime Lending Rate (PLR) announcement.
The last time that the PLR was reduced was on 24 July 2020 when it went from 7.25% to 7.00%. It then stayed the same until 18 Nov'21 when it went up again to 7.25%.
It then started climbing regularly by 25 to 50 basis points at every announcement date (6 per year) from 18 Nov'21 to 26 May'23 when it hit 11.75%. This was the highest it has been since December 2008.
The highest PLR that we could confirm was 25.5% in August 1998.
The lowest it has ever been is 5.00% which was in Jan/Feb 1950.
Since May 2023 the Prime Lending Rate has stayed the same at 11.75% and reports are now saying that we are due for a reduction soon. This may be at the MPC meeting on 30 May'24, if not, probably at the next one on 18 July'24 .... let's hope as a reduction will do a lot of good to the overall market sentiment at the moment which is quite negative.
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