Maybank cuts BR and BLR from today

PETALING JAYA: Maybank has lo­­wered its base rate (BR) and base lending rate (BLR) effective today, in line with the decrease in the overnight policy rate (OPR) by Bank Negara.

The bank announced yesterday that the BR would be decreased by 20 basis points from 3.20% per annum to 3.00% per annum while BLR would decline from 6.85% to 6.65%.

Similarly, the Islamic base rate and base financing rate (BFR) will be reduced by 20 basis points to 3.00% per annum and 6.65% per annum respectively, from 3.20% and 6.85% previously.

Maybank group president and CEO Datuk Abdul Farid Alias said that the revision would benefit borrowers as all loans pegged to the BR or BLR/BFR would be adjusted accordingly.

“This revision will assist existing and potential borrowers to contend with the current challenging environment.

“We believe it will also support the Government’s efforts to ensure that the domestic economy can continue to grow,” he added.

In line with the reduction in the rates, the bank’s deposit rates will also be revised downwards by up to 20 basis points.