ANZ Banking Group Limited will reduce its interest rates further by 0.5% from Monday, 1 October 2007.
The bank said that it is reducing interest rates to ease pressure on its loyal customers most of whom have felt the effect of a downturn in the economy and reduction in consumer confidence.
Secondly, the bank is reducing interest rates to encourage investment. ANZ said that there is no doubt that investment has slowed and that the reduction will encourage some businesses who are contemplating investment to go ahead with their projects.
See our next post for more information on the rates.
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