Bank of Valletta announced that it will be revising its interest rates. This decision follows the announcement that the European Central Bank has lowered its refinancing rate.

In view of the challenging international financial and economic situation, BOV will be supporting home owners and the manufacturing industry by offering beneficial lending rates to these sectors.

The base rate on house loans has been reduced, to a competitive 2.65 per cent. The base rate applicable to other lending, such as personal loans, overdrafts, credit cards and business lending, has been revised to 2.95 per cent.

As from the first week of January 2009, the base rate applicable to the manufacturing industry will be established at 2.85 per cent. This decision was taken with the aim of supporting the manufacturing industry in this highly volatile economic environment.

The savings rate has also been revised to 0.6 per cent, while term deposit accounts from one year to five years will now carry an interest rate of 2.5 per cent. The Bank has decided to retain the existing advantageous rates on all e-savings accounts which are operated solely through internet banking and ATMs.

These rates, with the exception of the manufacturing base rate, will come into effect today.