Banif Bank has reduced its base rate from three per cent to 2.5 per cent, after the European Central Bank last week decided to cut its refinancing rate by 50 basis points in light of the global economy crisis.
Banif said it has passed on the full interest rate cut to its borrowing customers to support the local economy and the business sector.
It has also absorbed part of the rate reduction on deposit products to safeguard customer savings and instigate more personal and business investment opportunities.
HSBC Malta and Bank of Valletta have also cut their rates following this decision.