Banif Bank said it would be reducing its base rate on home loans on Monday but APS Bank said it would leave its own unchanged following the recent interest rate cut by the European Central Bank.

Banif said it would reduce its base rate for home loans by 30 basis points, from 2.5 per cent to 2.2 per cent, to coincide with the launch of its home loans package.

It said that, while understanding the volatility of the market, it strongly believed it had to safeguard the interest of its clients and would keep its base rate unchanged for a number of services, including deposits. APS said it duly considered factors influencing the market and opted to leave its base rate unchanged at 2.35 per cent. HSBC and BOV have both announced they would leave their base rate unchanged for the time being.

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