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.