StanChart cuts rates by 25bps


  • Banking
  • Friday, 24 Jan 2020

Abrar A. Anwar, managing director and CEO StanChart Malaysia said the policy rate reduction indicated Bank Negara's proactive stance to support growth.

KUALA LUMPUR: Standard Chartered Malaysia is lowering the rates for its lending, financing and fixed deposit by 25 basis points, effective Jan 30.

It said on Friday its base rate will be lowered from 3.52% per annum to 3.27% per annum while its base lending rate will be revised from 6.70% to 6.45% per annum.

StanChart's fixed deposits and term deposits-i interest rates/profit rates will be lowered by 0.25% per annum across all tenors.

Its Islamic base rate and base financing rate will also be reduced to 3.27% per annum and 6.45% per annum respectively from 3.52% and 6.70% previously.

StanChart said the move to reduce the rates was after Bank Negara Malaysia Monetary Policy Committee's announcement to reduce the overnight policy rate by 25 basis points to 2.75% on Wednesday.

The MPC's decision was a pre-emptive measure to secure the improving growth trajectory amid price stability.

Abrar A. Anwar, managing director and CEO StanChart Malaysia said the policy rate reduction indicated Bank Negara's proactive stance to support growth.

“The move by Bank Negara Malaysia is favourable to the borrowers and investors across all segments of the economy.

“This will help to sustain and encourage domestic and foreign investment which will, in turn, help to spur economic growth and expansion amidst external headwinds. By reflecting that reduction in our rates across the board, we are continuing to play our role as a financial institution to help the economy’s growth remain on track, ” he said.


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