CIMB to lower rates from May 15

  • Business
  • Saturday, 11 May 2019

Potential overhang well mitigated by adequate bond conversion maturity period.

KUALA LUMPUR: CIMB Bank Bhd and CIMB Islamic Bank Bhd will decrease their base rate, fixed deposit/fixed return income account-i board rates, base lending rate and base financing rate by 0.25% effective May 15, following Bank Negara recent decision to lower the Overnight Policy Rate (OPR) by 25 basis points.

In a statement yesterday, CIMB said the 0.25% reduction across the board is to help achieve the corresponding effect of monetary policy transmission intent by BNM’s Monetary Policy Committee.

Group chief executive officer Tengku Datuk Seri Zafrul Aziz said 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,” he added. — Bernama

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