The country’s OPR was lowered by 150 basis points since November 2008, hitting a historical low of two percent.
Earlier, the Statutory Reserve Requirement was also cut 300 basic points to reduce the cost of intermediation for banking institutions.
The report said loan performance of the banking system moderated during the period of January to July 2009, demonstrating a decline of 8.4 percent and 2.4 percent in total loan approvals and disbursements for the said period.
However, the report noted that total loan applications increased 5.7 percent since May 2009 supported by the rebound in business.