Banif Bank said it would be cutting its base rate by 0.5 to 3 per cent with effect from today.

The decision follows a similar move by HSBC Malta and Bank of Valletta after the European Central Bank cut its rate by 75 basis points last week.

Banif will be offering minimum interest rates of one per cent on personal savings accounts and 0.75 per cent on current accounts.

This rate will also enable the bank to support the consumer and business lending requirements. Banif Bank considers every financing proposition on its own merits, saying it is flexible to meet the client's individual needs.

Finance Minister Tonio Fenech and the Governor of the Central Bank, Michael Bonello, said last Friday they expected banks to pass on the full benefit of the ECB rate cut to consumers.

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