1 Oct 2003

Solomon Islands National Bank announces lending interest rate cut

4:23 am on 1 October 2003

The National Bank of Solomon Islands, one of three commercial banks in the country, is to cut its lending interest rates from today.

The bank's Managing Director, Peter Goodwin, says the one point two-five per cent cut is the direct result of a number of positive changes that have taken place since the arrival of the Regional Assistance Mission to Solomon Islands nine weeks ago.

He says previously too much power had been exerted by those with self-interest in mind, but tighter controls supported by serious political change now point to a better and clearer future for Solomon Islands.

Mr Goodwin says the National Bank has a positive view of its market and intends to help the government, its ministries and Solomon Islanders as much as it can.