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NOTICE: INCREASE IN HBZ BASE RATE FOR GBP & USD
Dear Customer,
The Bank of England (BoE) on 23rd March 2023 increased their base rate from 4.00% to 4.25%. The Federal Reserve (Fed) also increased its benchmark interest rate to targeted range between 4.75% to 5%. The increase in BoE base rate and Fed rate alongside continuing high inflation has impacted our costs significantly.
In the light of the above, we have decided to increase HBZ Base Rate by 0.50% for both GBP and USD effective from 16th June 2023.
| CURRENCY | CURRENT HBZ BASE RATE | NEW HBZ BASE RATE | INTEREST RATE INCREASE | EFFECTIVE DATE |
|---|---|---|---|---|
| Pound Sterling (GBP) | 3.50% | 4.00% | 0.50% | 16th June 2023 HBZ Base Rate will be 4.00% |
| United States Dollar (USD) | 3.75% | 4.25% | 0.50% | 16th June 2023 HBZ Base Rate will be 4.25% |
This letter is a notification that the Bank has decided to increase its ‘HBZ Base Rate’ for arranged and/or temporary borrowing and/or trade finance facilities denominated in GBP and USD as per table above. There will be no impact if you do not have any arranged and/or temporary borrowing and/or trade finance facility(ies).
We endeavour to provide you with best service and thank you for your trust and continued business with us. If you have any questions, please do not hesitate to contact your relationship manager or any other member of the service team at the branches.
Your sincerely,
Habib Bank Zurich plc.
United Kingdom