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Saturday, May 16, 2009

ANZ reduces variable lending rates

ANZ Banking Group Limited is the first bank to announce a reduction of 0.5% in all its variable rate loans as from 1 June 2009.

The announcement was made by the bank's Fiji General Manager, Robert Bell.

The bank said the reduction was a result of an increase in banking system liquidity due to improvement in export proceeds collections and the reduction in the statutory reserve deposit requirements of commercial banks.

ANZ has also said that its wholesale term deposit rates are to fall as well.

The bank has urged customers facing financial difficulties to contact their ANZ branch or relationship manager to discuss their positions, as soon as possible.

One should be expecting other banks to follow suit in reducing their interest rates after the announcement by ANZ.

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