All banks required to revise rate

THIS is with reference to the letter “Waiting for bank to reduce interest rate on loans” (The Star, July 28).

As stipulated in the Reference Rate Framework issued by Bank Negara Malaysia, all banks must revise their Base Rates (BR) and Base Lending Rates (BLR) to reflect changes to the benchmark cost of funds due to changes in the Overnight Policy Rate (OPR). The quantum of change will reflect the change in benchmark cost of funds of the respective banks.