percent to 6.25 percent.

The new Bermuda dollar base rate was announced by the bank yesterday as a reaction to changes in the United States interest rates.

Customers with variable rate mortgages will also reap the benefit of the 0.5 percent cut in three months time.

But the amount of interest paid on savings, however, will remain the same and not go down for the time being, the bank said.

Customers with personal loans and mortgages at fixed rates will not be affected.

See Business, Page 10