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This blog is brought to you by Gilbert & Samuels Company Limited, a financial advisory services and consulting company based in Suva, Fiji.
To contact the authors of this blog, please call telephones (679) 3342719, (679) 3544897 or e-mail info@gilbert.com.fj.


Monday, June 01, 2009

ANZ reduces lending rates and not deposit rates

The interest rates published by ANZ Banking Group Limited in Fiji effective 1 June 2009 shows that the bank has started to work on complying with the Reserve Bank of Fiji's recent policy for banks to reduce their weighted average lending rates to the levels they were as at end December 2008 and to cap their interest spreads (i.e. the difference between a bank's weighted average lending rate and it's weighted average cost of funds) to 4% within 3 months from mid April 2009.

The rates published by ANZ Banking Group Limited sees its deposit rates kept at the same levels as they were previously.

However, Colonial National Bank has not reduced both its lending nor deposit rates as seen in the rates that the bank published effective 1 June 2009.

Westpac Banking Corporation Limited is yet to publish its interest rates.

After it does, we will review its rates and comment on it.

Note : For investment advice and portfolio management, pls call our office on (679) 3342719 or email info@gilbert.com.fj.

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