ANZ Interest Rates (updated 22.08.08)

Schedule of interest rates released by ANZ Fiji are as follows:

• Business Index Rate - 10.25%;
• Residential Property Loan : Standard Variable Rate - 9.75%, 1 Year Fixed Rate - 7.75%;
• Investment Loan : Standard Variable Rate - 9.75%, 1 Year Fixed Rate - 7.75%;
• Personal Loans : Secured - 11.50%, Unsecured - 14.20%;
• Small Loans : Unsecured - 19.00%;
• Retail Term Deposits: 9 months to 1 year - 1.25%, 1 to 2 Years - 1.75%, 2 Years to 3 Years - 1.75%.
  

Interest rates are on a per annum basis and may be varied by ANZ without prior notice.

Westpac Interest Rates (updated 22.08.08)

Schedule of interest rates released by Westpac Fiji are as follows:

• Business Lending Rate - 9.99%;
• Residential Property Loan : Variable Rate – 9.75%, 1 year Fixed Rate – 8.00%;
• Investment Loan : Variable Rate - 9.50%, 1 year Fixed Rate - 7.50%;
• Retail Term Deposits: 6 to less than 9 months - 1.25%, 9 months to less than 1 year - 1.75%, 1 year to less than 1.5 Years - 1.75%, 1.5 years to less than 2 Years - 1.75%, 2 years to less than 3 Years - 1.75%.

Interest rates are on a per annum basis and may be varied by the bank without prior notice.

ANZ reduces interest rates on loans effective 01.09.08

Australia and New Zealand Banking Group Limited (ANZ) has announced a 0.25 % reduction in interest rate for its variable residential property loans. The new standard variable rate will be 9.50 % per annum.

The new fixed rates for residential property loans effective from 1 September, 2008 are:

• 1 Year - 7.50% per annum
• 2 Year - 8.00% per annum
• 3 Year - 8.50% per annum.

For more information, pls call the ANZ Bank branch near you.

Colonial National Bank Interest Rate

Schedule of interest rates released by Colonial National Bank are as follows:

• Business Banking Base Rate – 9.45%
• Residential Property Loan : Variable Rate – 9.75%, 1 Year Fixed Rate – 7.75%;
• Investment Loan : Variable Rate – 9.75%, 1 Year Fixed Rate – 7.75%;
• Retail Term Deposits: 9 months - 2.00%, 1 year - 2.00%, 1.5 Years - 2.00%, 2 Years - 2.00%, 3 Years - 2.00%.
  

Interest rates are on a per annum basis and may be varied by the bank without prior notice.

Amalgamated Telecom Holdings Limited (ATH) Board Chairman bows out.

In yesterday’s ATH annual general meeting in Suva, Mr. Kanti Tappoo (ATH), Board Chairman, announced that he has step down and opt out of re- election after his term of contract expires this year.

Mr. Tappoo has been ATH chairman for the last 10 years and has opted out; to focus on his family business.

Mr. Taito Waqa, Chairman of Fiji National Provident Fund Board, has been appointed a new director as a government nominee.

ATH, a listed company on the South Pacific Stock Exchange, has been growing continuously and consistently. The Group recorded an operating profit after tax of F$46.1 million for its financial year ended 31 March 2008.

Reserve Bank of Fiji amends policy on remittances

The Reserve Bank of Fiji has amended its policy guidelines for former Fiji residents to boost remittance and investment. Under the revise Exchange Control Act, former Fiji residents issued with permanent resident visas will be considered Fiji residents.

The new policy amendments in effect are:

· for the issue and transfer of securities, former Fiji residents will no longer require approval for issue of shares, either new or additional, or transfer of shares; and offshore settlement will not be applicable;

· in the case of local borrowing by an individual, approval will not be required for the purchase of property to be fully funded from offshore;

· where shares are held by former Fiji residents, it will now form part of the local ownership since they are now considered Fiji residents; and borrowing will not require RBF approval if residents hold majority shares;

· on the issue of dividends and profit remittance, they will be encouraged to retain funds in Fiji as they are now considered Fiji residents;

· for former Fiji residents accounts held with the commercial banks, they may be allowed to hold external and or foreign currency account which are funded from external sources; and

· former Fiji residents will be allowed to repatriate their investment initially contributed from offshore on a condition that funds are sourced from income earned in Fiji.

This will encourage former Fiji residents and Fiji citizens abroad in investing back home or just by sending money back home to their families, friends and or loved ones, in return, it will improve the island nation’s remittances and offset loses from “brain drain.”

For advice on investment in Fiji, pls email info@gilbert.com.fj or call telephone (679) 3342719.

Fiji Petrol prices falls

The Interim Cabinet has approved a three months temporary reduction in fuel prices in effect from Friday, 15 August 2008, based on a submission by Interim Finance and National Planning Minister, Mahendra Chaudhry.

The new fuel prices approved by the Interim Cabinet are:

• Motor spirit, F$2.34 per litre (from $2.44);
• Diesel, F$2.30 per litre (from $2.39);
• Kerosene, F$2.03 per litre (no change);
• Premix outboard fuel, F$2.28 per litre (from $2.38).

Rising fuel costs have added to the high import bill for the economy and business costs on a micro level for businesses in Fiji.

These changes will be reviewed again in the 2009 National Budget, as fuel prices are expected to fall during the latter part of the year.