KUALA LUMPUR: Public Bank will reduce its base rate (BR) and base lending rate (BLR)/ base financing rate (BFR) by 0.25% effective this Friday.
The bank said on Wednesday the reduction was in line with Bank Negara Malaysia’s Overnight Policy Rate (OPR) cut by 25 basis points (bps) from 2% to 1.75% the previous day.
Public Bank’s fixed deposit rates will also be correspondingly adjusted by 0.25%, effective on the same date.
Its managing director and chief executive officer Tan Sri Tay Ah Lek said the 25bps cut in OPR would further stimulate the country’s economic recovery process.
“Public Bank is committed to provide continuous financial assistance to its customers to tide over this unprecedented challenging period, ” he said.
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