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Thursday, June 29, 2006

Westpac Fiji increases lending rates from today

Westpac Banking Corporation, Fiji, will today increase its lending rates by 1% - a second rate increase this year.

Westpac's Chief Manager in Fiji, David Evans, said that increase in interest rates was inevitable, given the Reserve Bank of Fiji's decision to lift official interest rates and tighten monetary policy to slow the growth in consumer spending.

"The continued tightening of system liquidity and monetary policy of the RBF and the resultant continued increase in levels of deposit rates has forced the bank to increase the lending base rates for business and consumer lending", according to the bank.

The RBF had increased official interest rates from 2.25% to 3.25% earlier this year.

The bank said that despite the fact that lending rates would increase, Westpac's deposit rates provided people an opportunity to obtain greater returns for their savings.

Note from GV : Individuals and groups that need investment advice can use our company, Gilbert & Samuels Company Limited. Our contacts are : telephone +679 3396427 or e-mail gilbert@connect.com.fj.

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