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Wednesday, March 21, 2007

Movement in Bank Advertised Interest Rates

It is interesting to see that ANZ, in its latest release, has reduced its term deposit rates while maintaining lending rates at the same level they were last month (see blog entry before this). Here are the reductions noted:
  • Retail Term Deposits 9 months to 1 year - from 6.00% to 5.00%;
  • Retail Term Deposits 1 to 1.5 Years - from 8.00% to 6.00%;
  • Retail Term Deposits 1.5 to 2 Years - from 6.25% to 5.75%; and
  • Retail Term Deposits 2 Years to 3 Years - from 6.25% to 4.50%.

This would mean another widening of the interest margins/spreads that I talked about earlier - again to the detriment of customers.

One just wonders what the Reserve Bank of Fiji's position on this is. Anyway, it had somewhat "rejoiced" when this happened last September when commenting on the movement in interest spreads in its December 2006 Quarterly Review. (See page 25 of the writeup titled "Quarterly Review of the Economy & Financial Conditions").

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4 Comments:

At 12:23 PM, Anonymous Anonymous said...

RBF does not know what to do, where it should move or how to act. With the findings coming up from FNPF and HFC and what is happening in the financial system, it appears that it is definitely not doing its job. Fiji does not need a coup for these things to appear. If RBF was doing its job, it should have picked up these things.

It seems that tax payers are paying incompetent people. It is about time that a financial system inquiry is conducted for Fiji and the role that RBF is doing.

 
At 8:09 AM, Blogger laminar_flow said...

RBF has been harping about trade imbalance for years, yet no solutions.

I guess RBF is still operating on lagging intiatives.

 
At 8:13 AM, Anonymous Anonymous said...

RBF talks about what others should be doing to improve exports bla bla bla, yet it can't even put its own house in order ... refer to the crisis coming up at FNPF and now with HFC surely to blow up soon.

 
At 8:56 AM, Anonymous Anonymous said...

So much for the monetary policy and what government and others should be doing...but is it really doing its job?...with all financial insitutions data that they are receiving and yet they cannot see through it...then the bankers join in the bandwagon praising them...most of these bankers are expatriates and may have worked in rural areas in their countries or are ready to be retired and sent to Fiji as their thank you package. They don't add value to Fiji's financial system development, but continue with the boring status quo...its about time that the old farts at RBF are removed and replaced with innovative people...

 

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