ON May 7, Bank Negara revised downwards the overnight policy rate (OPR) by a quarter percentage point (or 25 basis points in banking jargon). The OPR is a reference point against which commercial banks set their base lending rate (BLR).
Loans are normally priced against BLR with a spread above that rate to reflect the credit risk element of individual stratified borrowers – the lower the credit risk, the less the spread and vice versa.
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