STANDARD Bank was the first commericial bank to drop its rates on Monday amid rising speculation that rates would drop before the day end. Some 15 minutes later, at 3.15pm the three Nedcor banks followed suit to drop prime by one percent to 18%. ABSA, First National Bank, NBS, Saambou and BOE in separate statements all said they willd reduce their rates on Friday. The daily repo rate slid to 15,163% on Monday from 15,192% as the Reserve Bank continued its neutral policy stance by matching the estimated liquidity requirements. ABSA said the move has been made possible by the general improvement in market conditions as reflected by the lower repo rate and a stronger rand. FNB said the downward trend in inflation and other monetaryaggregrates, including M3 money supply and private sector credit, is continuing and supported the case for lower interest rates.