BOV lowers interest rates

The Bank of Valletta is lowering its savings accounts interest rates by 0.25 per cent resulting in an effective interest rate of one per cent per annum with effect from next Friday, the BOV said.

Interest rates on all other deposit accounts denominated in euro will also be revised downwards.

The bank said the mortgages base rate will be reduced by 0.50 per cent per annum to 3.25 per cent while the base rate for commercial loans, overdrafts, personal loans and credit card accounts is being reduced to 3.45 per cent.

The changes in the interest rates follows the decision taken by the European Central Bank to lower its refinancing rate by 50 basis points.

Further details may be obtained from any of the bank's branches, from www.bov.com or from Customer Service Centre on 2131 2020.