24 Mar 2006

Three of Fiji's biggest banks increase interest rates

10:38 am on 24 March 2006

Three of Fiji's biggest commercial banks have increased interest rates this week.

The Fiji Times reports that the move comes a month after the Reserve Bank raised the official interest rate by 1 percent to 3.25 percent.

The Reserve Bank action was aimed at curbing soaring consumer spending in a bid to reduce the country's import bill which resulted in a trade deficit of nearly 900 million US dollars last year.

The increase in interest rates by the commercial banks applies to a whole range of consumer and business loans as well as savings products.