Bank lowers interest rates

KINA Bank says it is reducing all local currency overdraft interest rates by two per cent per annum.
Chairman Isikeli Taureka said the reduced interest rates to come into effect next Monday was made in response to Bank of PNG’s policy response to Covid-19 which signalled its intention to lower cost of funds and reduce the kina facility rate by two per cent.
“To support all new and existing customers, we are reducing all local currency overdraft interest rates by two per cent per annum, effective Monday, April 6, to support business cash flows,” he said.
“At Kina Bank we believe it is our duty of care to support customers through difficult times by continuing to operate and show strong financial leadership.
“The country needs a strong banking system and it is essential that we minimise any impact the current situation could have on the economy,” Taureka said.
“We are also re-pricing our home loans to ensure that all new and existing owner-occupiers benefit from our 6.95 per cent variable rate, and investors our 7.95 per cent variable rate.”
Taurika added that Kina Bank branches would remain open.
“Our team is on hand to help customers and our digital services are available 24/7.
“During the state of emergency, we are supporting shorter branch opening hours from 10am – 3pm to help our staff navigate current travel restrictions.
“We encourage all of our customers to use our digital channels.
“As a well-capitalised and strong business we are here to help everyone navigate economic uncertainty.
“Any individual or business who might be experiencing stress can be assured that we are here to support them through challenging times.”