4 Apr 2007

Westpac bank to cut lending rates in Fiji

10:05 am on 4 April 2007

The Westpac Bank in Fiji is to cut lending rates by half of one percent from May 1.

The bank says the reduction follows the improved liquidity position after the Reserve Bank of Fiji reduced its Statutory Reserve Deposit requirement by commercial banks from 7-per cent to 6-per cent.

Westpac's general manager John Cashmore, says the Reserve Bank's introduction of a credit ceiling has also freed up funds.

He says as a result they have decided to reduce their base lending rates for business and consumer customers by 0.5% from next month.