BANK Windhoek announced on Tuesday that it is to reduce its prime lending rate from 22,25% to 21,25% with effect from March 15. The bank will also drop its mortgage bond rate — from 21% to 20%. The bank’s announcement came after three of South Africa’s big four banks cut their bank rates. First National Bank led the market in announcing a drop in its prime lending rate by one percentage point to 20% with First National Bank announcing an identical cut. Absa’s cut is of the same amount, however, it comes into effect a week later on March 15.