The Chairman of the Association of Banks, Rakesh Ram says interest rates have been the lowest in Fiji in the last 10 years.
Ram says commercial banks have not increased lending rates in the last 10 years.
However, Ram says given the increase in the cost of funds and in recognition that interest rates have not increased in the last 10 years, individual banks have increased interest rates this year and this has been informed to customers by the various banks.
The increase in lending interest rates has been around 0.5 to 1.25 percent.
