OCBC Bank to raise base rate by 0.25% following OPR revision

OCBC Bank CEO Datuk Ong Eng Bin

KUALA LUMPUR: OCBC Bank will be increasing its base rate (BR), base lending rate (BLR) and base financing rate (BFR) by 0.25 per cent tomorrow (May 18) following Bank Negara Malaysia’s announcement of a hike in the overnight policy rate (OPR) to 2 per cent from 1.75 per cent.

OCBC Bank chief executive officer Datuk Ong Eng Bin said the increase in the OPR was a move by the central bank to curb inflationary pressures while focusing on efforts to promote the country’s economic recovery in transition to the endemic phase of COVID-19.