Public housing fund rises
20 March 2007
The Ministry of Construction announced a rise in the rate for loans offered by the public housing fund of 0.18%, following the central bank's boosting of loan and savings interest rates. The rate for loans under five years' maturity has been increased to 4.32% from 4.14%, state media reported. Rates for loans over five years' maturity rose to 4.77% from 4.59%. The central bank moved to curb its booming credit and keep consumer prices stable by raising interest rates by 0.27% last week. The hikes were the first since August, when the central bank also lifted the benchmark one-year interest rate by 0.27%.