Affin Bank cuts BR and BLR effective Tuesday

Affin Bank. AZMAN GHANI / The Star REPORTER: JOSEPH CHIN

KUALA LUMPUR: Affin Bank Bhd is lowering its base rate (BR) to 3.80% per annum from 3.99%, effective Tuesday, in line with the decrease in the overnight policy rate (OPR) by Bank Negara Malaysia (BNM).

Along with this revision, the bank’s base lending rate (BLR) and Affin Islamic Bank Bhd’s base financing rate would also be reduced to 6.66% per annum from 6.85%, said Affin Bank in a statement.

“The window of opportunity is there amid stable inflation and few other favourable outlooks for BNM to pre-emptively reduce the OPR. 

“This remains consistent with the Monetary Policy Committee’s accommodative monetary stance to further strengthen the country’s economy which is projected to grow between 4.00% and 4.50% in 2016,” said managing director/chief exectuive officer Kamarul Ariffin Mohd Jamil.

He added the reduction in rates would also result in cost savings for the bank’s customers in the long run and help grow their businesses further in this challenging environment. - Bernama