Finally, light at the end of the tunnel for retirees

Higher rates: A file picture showing a police officer keeping watch in front of the US Federal Reserve building in Washington. The US is poised to raise interest rates three times this year. — Reuters

FINALLY, retirees can heave a sigh of relief. For almost 20 years, Malaysia’s prime interest rates have been low. Retirees who depend on the risk free returns from fixed deposits in banks have long suffered.

Last week, Bank Negara raised its overnight policy rate (OPR), which is the benchmark for banks to set their deposit and lending rates, by 0.25% higher. It is now 3.25%.