Maybank raises base rate to 2% following OPR revision

KUALA LUMPUR: Malayan Banking Bhd (Maybank) will revise upwards its base rate (BR) and base lending rate (BLR) by 25 basis points effective May 13.

Bank Negara announced that the overnight policy rate (OPR) will be increased by 25 basis points to 2.00% after its third Monetary Policy Committee (MPC) meeting this year.

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Maybank said its BR will be higher from 1.75% to 2.00% per annum while its BLR will be revised from 5.40% to 5.65% per annum.

Similarly, the Islamic BR and base financing rate will be increased by 25 basis points to 2% from 1.75% per annum and from 5.40% to 5.65% per annum respectively.

In line with the revision, Maybank and Maybank Islamic’s fixed deposit rates will also be adjusted upwards effective May 13.

“The last revision in Maybank’s BR was on July 9, 2020 when it was reduced from 2.00% to 1.75% per annum following an OPR decrease by the same quantum,” it said in a statement.