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Monday, June 25, 2007

Westpac reduces interest rates further

Westpac Banking Corporation has reduced its lending rates further by 0.25% from today, Monday, 25 June 2007. The total reductions in interest rates over the month was 0.5%. The bank had made the related announcement earlier this month and which we posted on this blog on 3 June 2007.

The bank had earlier stated that the reduction of its business and consumer base lending rates indicates the improved liquidity position that the bank has experienced since the recent reduction of statutory reserve deposits requirements (i.e. deposits required to be held with the Reserve Bank of Fiji) in May.

The bank said that it would continue to monitor liquidity in the banking system and will review its interest rates accordingly.

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