Somalia: Interest rates on bank credit to the private sector
For that indicator, The World Bank provides data for Somalia from 1975 to 1988. The average value for Somalia during that period was 13.13 percent with a minimum of 7 percent in 1975 and a maximum of 33.67 percent in 1988.
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The lending interest rate in Somalia shown below is the interest rate on credits from banks to prime borrowers, i.e. to the lowest risk borrowers in the private sector. That includes firms and households.
Definition: Lending rate is the bank rate that usually meets the short- and medium-term financing needs of the private sector. This rate is normally differentiated according to creditworthiness of borrowers and objectives of financing. The terms and conditions attached to these rates differ by country, however, limiting their comparability.