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Friday, July 27, 2007

Westpac to reduce interest rates

Westpac Banking Corporation will reduce its base business and consumer lending rates further by 0.5% effective 1 August 2007.

The reduction follows earlier reductions in interest rates by Westpac following an improvement in bank's liquidity positions which came about as a result of the reduction by 1% of the statutory deposits that banks are required to hold with the Reserve Bank of Fiji.

The reduction in loan interest rates will ease repayments and interest paid by the bank's customers.

Westpac has said that its rates would be the lowest in the banking system in Fiji after 1 August 2007.

Westpac and Colonial National Bank appear to be the market leaders in setting interest rates direction for banks in Fiji.

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