Following the decision taken by the European Central Bank to lower its refinancing rate by 50 basis points, the Bank of Valletta has announced that it will be changing its interest rates with effect from this Friday the 14th of November, 2008.

With effect from this date, the savings accounts rate will be reduced by 0.25% resulting in an effective interest rate of 1% per annum. Interest rates on all other deposit accounts denominated in euro will also be revised downwards. In addition, the mortgages base rate will be reduced by 0.50% per annum to 3.25% while the base rate for commercial loans, overdrafts, personal loans and credit card accounts is being reduced to 3.45%.

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.

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