BOV makes full rate cuts

Bank of Valletta has reduced its interest rates to all borrowing customers by 50 basis points, with effect from Monday. As a result, the lending base rate has been reduced to 2.45 per cent, while the rate extended to the manufacturing industry now...

Bank of Valletta has reduced its interest rates to all borrowing customers by 50 basis points, with effect from Monday.

As a result, the lending base rate has been reduced to 2.45 per cent, while the rate extended to the manufacturing industry now stands at 2.35 per cent.

The bank's mortgage base rate has also been cut to 2.15 per cent. However, the savings rate has only been reduced by 35 basis points.

HSBC also passed on the full rate reduction to its borrowing customers on Wednesday after the European Central Bank decided to reduce interest rates by 50 basis points earlier this week.

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