Punajb National Bank said on Thursday it has cut interest rates on some of its retail term deposits by 25 to 50 basis points, effective Nov 9. The highest interest rate on its retail term deposits will now be 7 percent.
Exporters have urged the government to restore the interest rate on term deposits in foreign currencies, which is being parked by exporters in the Exchange Earners’ Foreign Currency (EEFC) account.