Bank of Valletta will be reducing its base rate for business lending by 15 basis points to 2.15 per cent as from Monday.

The bank's decision follows that of the European Central Bank to reduce its main policy rates.

The bank is also making adjustments on the liabilities side of the balance sheet, and will include a reduction of five basis points in the savings interest rate to 0.1 per cent. Term and other deposit accounts will also be affected by interest rate reductions.

The reductions on the business lending rates as well as on the rates for new term deposit accounts come into effect on Monday while the new interest rates on various savings accounts will come into effect on August 16.

 

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