Colonial National Bank reduces variable lending rates

In its latest interest rates published on 14 July 2009, Colonial National Bank has reduced its variable lending rates for residential home loans and investment property loans by 0.25% to 9.25%, from 9.50%.

There has been no changes to the bank's deposit rates.

This follows the Reserve Bank of Fiji's recent directive for banks to reduce their lending rates to the levels they were at end December 2008 and for each bank's interest spreads to be not more than 4% after a certain time period given to them.