CIMB announces 25 basis-point rate cuts

KUALA LUMPUR: CIMB Bank Bhd and CIMB Islamic Bank Bhd have announced a 25 basis-point reduction in their base rate and fixed deposit and fixed return income Account-i board rates, effective March 9, 2020. Similarly, all financing facilities based on base lending rate and base financing rate will be reduced by 0.25%. The reduction to the rates are in response to Bank Negara's 25 basis-point decrease of the overnight policy rate. “This second OPR cut for 2020 reflects the crucial need to support the Malaysian economy in the face of a potentially prolonged disruption to economic activity due to Covid-19. "We trust the OPR cut, coupled with the RM20 billion stimulus package announced recently, will bring better prospects for continued economic growth," said CIMB Group CEO Tengku Zafrul Aziz. "While the situation remains fluid, we are hopeful that actions taken by both the public and private sector will ensure businesses are well supported to ride through the current challenges. CIMB is doing its part to help our customers, which includes restructuring and rescheduling financing facilities, where necessary," he added.