As per the directive of the Reserve Bank of Fiji following the devaluation of the Fiji dollar, some commercial banks have started to reduce their lending interest rates.
Reserve Bank of Fiji Governor Sada Reddy has welcomed the announcement by Westpac Bank yesterday to reduce its lending rates in response to the RBF's policy that the lending rates are to be rolled back to the weighted average level at the end of the year.
Reddy clarified that not all banks had increased rates since the end of last year and he acknowledged the positive contributions these banks had made in keeping their rates unchanged.
He said this will go a long way in encouraging investments and assist in the economic recovery.
The ANZ Bank also announced earlier a reduction in its lending rates.
Meanwhile, the RBF governor said foreign reserves continue to increase and is currently around $650 million and the banking system liquidity also remained buoyant and has been averaging around $130 million in recent weeks.
Commercial banks reduce interest rates
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