Banks in Tonga urged to lower lending rates.
Global Banking News - 29 December 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
The National Reserve Bank of Tonga has urged banks in Tonga to reduce lending rates.
The central bank has offered special drawing rights (SDR) relief for commercial banks, urging them to reduce interest rates to clients.
The governor of the central bank, Siosi Cocker Mafi, said, 'the Reserve Bank Board of Directors noted the continued slow-down in economic activity and the difficulties that the borrowers are facing in meeting their debt repayment obligations.'
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|Publication:||Global Banking News (GBN)|
|Date:||Dec 29, 2009|
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