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.

ALSO READ: Moody’s: OPR decision due to inflation pressures

"OCBC Bank (Malaysia) Bhd (OCBC Bank) and its Islamic banking subsidiary, OCBC Al-Amin Bank Bhd (jointly, OCBC Malaysia) will also increase the BR, BLR and BFR by 0.25 per cent.

"All BR, BLR and BFR-based lending and financing rates will be raised at the same rate,” he said in a statement today.

Ong also said that all conventional fixed deposit rates and Islamic term deposit trading rates will also be increased on the same day.

He added that after this move, OCBC Malaysia will increase its BR from 2.58 per cent to 2.83 per cent while the BLR and BFR will increase from 5.51 per cent to 5.76 per cent. - Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

OCBC , Bank Negara , OPR


Next In Business News

Bursa remains little changed amid lack of direction
Trading ideas: Mudajaya, Farm Fresh, Reach Energy, iDimension Consolidated, Marine & General and Teck Guan Perdana
GLOBAL MARKETS-MSCI global stock index has biggest first-half drop on record
From EU to BRICS and NATO, June meetings showcase global strains
Oil price falls 3% on uncertainty over future OPEC+ output, recession fears
STOCKS: S&P 500 closes the book on its steepest first-half slide in 52-yearssince 1970
DNB stake sale meets deadline
UK household incomes are in the longest-ever run of decline
Poultry players’ earnings to improve slightly
Marine and General 4Q revenue rises

Others Also Read