APS Bank will be lowering its base rate to 2.85 per cent on Friday following the European Central Bank's decision to reduce its refinancing rate by 75 basis points.

The bank's rate previously stood at 3.45 per cent. Its move follows similar decisions by the other local banks.

Last week HSBC Bank Malta reduced its base rate for all lending rates except home loans to three per cent and Bank of Valletta cut it to 2.95 per cent. Banif Bank (Malta) plc has also reduced its base rate to three per cent.

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