ADB raises rates

ADB raises rates

MANILA (AFP): The Asian Development Bank (ADB) yesterday
raised its rates for U.S. dollar loans by a 0.01 percentage
point, but cut them by a 0.05 percentage point for multi-currency
loans.

The new rates, effective for the second half of 1994, are 6.21
percent per annum for multi-currency loans -- the lowest since
ADB lending operations began in 1968 -- and 6.68 percent per
annum for U.S. dollar loans.

The Philippines-based bank began offering the choice of two
facilities in July 1992. The rate for both is determined by
adding a spread, currently 0.4 percent per annum, to the
preceding six months' average cost of the relevant pool of
outstanding ADB borrowings established to fund such loans.