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Tuesday, July 31, 2007

ANZ Bank Fiji reduces interest rates

ANZ Bank Fiji has reduced its interest rates by 0.5%. The reductions take effect from 1 August 2007. This follows a 0.5% reduction which had taken place on 1 July 2007.

ANZ's actions follow continued improvement in liquidity positions of banks following a reduction in statutory reserve deposit required to be held with the Reserve Bank of Fiji as well as weak demand for credit in recent months.

The bank said that the improved liquidity also indicated a weak investment environment with low demand for investment related lending.

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