The Association of Banks has implemented certain measures to assist businesses and their customers who are struggling during this pandemic.

ABIF Chair Rakesh Ram says this includes principal repayment deferment, restructures and short-term funding for customers who are facing financial hardship.

Ram adds that the reduction of the borrowing rate to 0.25 percent announced by the Reserve Bank of Fiji will further assist Banks and their customers as well.

“The banks will definitely be passing this reduced margin to the customers which indirectly helps businesses and economic recovery.”

Ram adds this will also Fijians who want to invest.

He says Banks in Fiji have been assisting their customers who have been impacted by the COVID-19 pandemic either directly or indirectly.

The Association of Bank Chair says they have also extended the hardship which commenced in mid of last till September but on a case by case basis.