The ANZ Bank has announced a reduction in all variable loans from June 1st.
The General Manager of ANZ Robert Bell said that over the past 8 weeks, market liquidity has improved from a low of $15million to an average of $100milliom.
He said the improvement can be attributed to the timing of export proceeds, direct reserve Bank of Fiji intervention to bring foreign currency funds onshore, and a reduction in the statutory Reserve Bank deposit rate from 6% to 5%.
However he said they expect liquidity to remain under pressure and while the rate reductions were welcomed by customers, the economic front in Fiji continues to face challenges due to the global recession.
He is calling on the business houses and individuals to be prudent with expenses and look to reduce or consolidate debt where possible.
ANZ bank announce reduction in variable loans
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