Colonial National Bank reduces interest rates further

The Colonial National Bank will reduce its interest rates for home loans and business banking by another 0.5% from 22 July 2007. This follows a 0.5% reduction that was put in place from 19 June 2007.

The further reduction will see the bank's 1 year fixed rate for personal and investment home loans fall from 10.15% to 9.65% with the variable rate falling from 12% to 11.5%.

The reduction in interest rates follow continued improvement in banks' liquidity positions over recent months following a reduction in the deposit requirements that banks need to hold at the Reserve Bank of Fiji.

Business banking interest rate will fall from 11.7% to 11.25%.