BOV announces changes in interest rates

Following the recent decision by the European Central Bank to reduce its main policy rates, Bank of Valletta announced that, with effect from Monday, 16 June 2014, it will be reducing its Bank Base Rate for Business Lending by 15 basis points to 2.15%.

Concurrently, the Bank is also making adjustments on the liabilities side of the balance sheet, and will include a reduction of 5 basis points in the Savings interest rate to 0.10%. 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 June 16, 2014. The new interest rates on various savings accounts will come into effect on August 16, 2014.

These changes in interest rates highlight BOV’s active management of its balance sheet, seeking to achieve an equitable balance between the interests of all stakeholders within the prevailing economic conditions whilst striving to support the generation of sustainable economic activity.

Full details of the prevalent interest rates on lending and deposits can be viewed on the Bank’s website at www.bov.com.