INTEREST RATES LOWER
MONEY ON FIXED DEPOSIT REDUCTIONS BY BANKS QUARTER TO HALF PER CENT [BY TELEGRAPH—PRESS ASSOCIATION] WELLINGTON. Wednesday The chairman of the associated banks announced to-day that on and after to-morrow the rates of interest on fixed deposits allowed by tho associated banks in New Zealand would be as follows:—Three months 1J per cent; six months, 2 per cent; 12 months, 2.V per cent; 24 months, 2J per cent. Tho new rates are lower by } per cent for three months and six months and lower by i por cent for the longer terms. The scale now superseded has been in force since July 11, J 933, when a reduction was made on the scale introduced on December 2, 1902. Recent successive reductions in tieposit rates have boon as follows: —• June Dec. July July 1932 1932 1933 1934 3-fi months . . 3 2J 2 1J . G-12 months . 25 2J 2 ]*2-2-1 months . 3* 2; 2J 2-1 months . . 4 31 3
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New Zealand Herald, Volume LXXI, Issue 21844, 5 July 1934, Page 12
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160INTEREST RATES LOWER New Zealand Herald, Volume LXXI, Issue 21844, 5 July 1934, Page 12
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