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Thursday, June 07, 2007

ANZ follows Westpac's lead by reducing lending interest rates

ANZ Fiji, followed Westpac's lead, by announcing a reduction of all its lending interest rates by 0.5% effective from 1 July 2007.

The bank's business loan index rate, variable home loan and variable property investment loan rates will fall by 0.5%.

The company's General Manager Fiji said that the increase in interest rates in 2006 and early 2007 had a negative impact on businesses as they were at a time when businesses experienced a reduction in sales.

The reduction in interest rates follows a rise in bank liquidity positions over the past few months after the Reserve Bank of Fiji reduced its statutory reserve deposit requirements (i.e. deposits that banks are required to "lock in" and deposit with the Reserve Bank of Fiji).

Visit ANZ Fiji's website through the appropriate link at the right hand side of this blog.

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