KUALA LUMPUR: Public Bank Bhd will reduce its base rate (BR) and base lending rate (BLR)/ base financing rate (BFR) by 25 basis points from Friday.
The bank said on Wednesday the reduction in the rates were in line with Bank Negara Malaysia’s decision to reduce the Overnight Policy Rate (OPR) by 25 basis points from 2.75% to 2.50% on Tuesday.
It also said the fixed deposit rates will also be correspondingly adjusted by 0.25%, effective on the same date.
“Public Bank’s base rate reduction is timely to ease the borrowers’ burden and to spur the nation’s economic growth amidst the on-going economic challenges brought about by the Covid-19 outbreak.
“Public Bank will continue to proactively manage its assets and liabilities to ensure interest rates are priced responsibly at all times for the benefit of its customers, ” it said.
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