CIMB lowers base rate by 0.25% after OPR cut


  • Business Premium
  • Friday, 10 May 2019

CIMB Group Holdings Bhd is said to be hiring Rafe Haneef from HSBC Amanah Malaysia Bhd to lead its Islamic banking unit.

KUALA LUMPUR: CIMB Bank Bhd and CIMB Islamic Bank Bhd have reduced their base rate (BR), base lending rate (BLR) in response to Bank Negara Malaysia’s overnight policy rate (OPR) decrease of 25 basis points to 3% from 3.25%.

In a statement, CIMB said there would be a corresponding 25-basis points reduction in its base rate and fixed deposit / fixed return income account-i board rates.

“Similarly, loans and financing based on base lending rate (BLR) and base financing rate (BFR) respectively will be reduced by 0.25%.

"The 0.25% reduction across the board is to help achieve the corresponding effect of monetary policy transmission intent by Bank Negara’s Monetary Policy Committee,” it said. 

All rate changes will take effect on May 15..

“The OPR cut will encourage investments and consumption to spur the Malaysian economy. Most importantly, our corresponding 0.25% reduction in applicable rates will ease the burden of borrowers, particularly in the face of current challenges in the domestic economy due to spillover effects from fresh US-China trade tensions and global uncertainties,” group CEO Tengku Datuk Seri Zafrul Aziz said. 

Article type: metered
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

CIMB , BLR , OPR

   

Next In Business News

CPO futures likely to trade lower next week Premium
China's industrial profits growth accelerates in Oct Premium
New COVID variant Omicron triggers global alarm, market sell-off Premium
Top US diplomat for Asia to visit Malaysia and three other ASEAN countries Premium
Oil settles down US$10/bbl in largest daily drop since April 2020 Premium
Black Friday draws US shoppers but many shun stores for online Premium
Stocks tumble on new coronavirus variant fear Premium
China traders ramp up leverage in bet PBoC to stay on sidelines Premium
Indonesia jobs law ruling may dim investment outlook Premium
Investing in a tough 2022 Premium

Others Also Read


Vouchers