BOV reduce bank base rate by 0.50%
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Following the decision taken yesterday by the European Central Bank to lower its refinancing rate by 50 basis points, Bank of Valletta announced that, with effect from the 13th October, 2008, it is lowering its Bank Base Rate to 3.75%.
With effect from the same date, interest rates on all deposit accounts denominated in euro will decrease by 0.50% per annum. Similarly, interest rates charged on commercial loans and overdrafts, personal loans and mortgages will be revised downwards by 0.50% per annum. Debit interest rates on credit card accounts will also be lowered by 0.50% per annum, with effect form the 13th October 2008.
Further details may be obtained from any BOV branch, the Bank’s web site (www.bov.com) or from BOV’s Customer Service Centre on telephone 2131 2020.