The Central Bank of Swaziland cut the discount rate by 50 basis points to 5 percent to help commerical banks reduce their lending rates and help stimulate growth.

The new rate will be effective July 24, the bank’s Monetary Policy Consultative Committee said in a statement.

To contact the reporter on this story: Claudia Maedler in Dubai at cmaedler@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net