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

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OCBC , Bank Negara , OPR

   

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