Bank Deposit Interest Rates fall further

ANZ Fiji's interest rates published this today, Monday, 30 April 2007, shows that its deposit interest rates have fallen further compared to that the bank advertised last Tuesday, 24 April 2007.

Some of the changes noted were :

• Retail Term Deposits : 9 months to 1 year - fell from 5.00% to 4.35%;
• Retail Term Deposits : 1 to 2 Years - dropped from 6.00% to 4.35%.

No changes were recorded in the bank's lending interest rates.

I would expect lending interest rates to fall soon as banks' liquidity positions rise from 1 May 2007 when their required cash holdings held with the Reserve Bank of Fiji reduces by 1%.