P.M. Briefing : Asian Bank Shaves Loan Interest
From Times wire services
MANILA —
The Asian Development Bank today cut its rate for ordinary operations loans to 6.37% from 6.42%.
The Manila-based bank said the new rate, the lowest since the start of ADB operations in 1968, will be in effect from July 1 to Dec. 31.
The bank’s pool-based variable lending rate is adjusted on Jan. 1 and July 1 each year. It is determined by adding a spread--currently 0.40% per annum--to the average cost of outstanding bank borrowings included in the pool.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
