Banks cut rates in sync with Bank Negara’s OPR move
KUALA LUMPUR: Major banks across the country have immediately adjusted their base rates (BR) and base lending rates (BLR) following the overnight policy rate (OPR) cut by Bank Negara Malaysia today.
Malayan Banking Bhd (Maybank), RHB Banking Group and CIMB Bank Bhd (CIMB Bank) have made the first move to cut their BR and BLR.
Maybank will cut its BR and BLR by 25 basis points (bps) effective Thursday (July 9).
Maybank said its BR would be lowered to 1.75 per cent per annum from two per cent at present, while its BLR to 5.40 per cent from 5.65 per cent.
Similarly, the bank’s Islamic BR and Base Financing Rate will be reduced by 25 bps from two per cent per annum to 1.75 per cent and from 5.65 per cent to 5.40 per cent respectively.
“In line with the revision, Maybank and Maybank Islamic’s fixed deposit rates will also be adjusted downwards effective July 9, 2020.
“The last revision in Maybank’s BR was on May 8 2020 when it was revised from 2.50 per cent to 2.00 per cent per annum,” it said.
RHB Banking Group, CIMB Bank and CIMB Islamic Bank Bhd (CIMB Islamic) also revised their BR and BLR downwards by 25 bps effective from July 13.
RHB Bank Bhd (RHB Bank), RHB Islamic Bank Bhd and RHB Investment Bank Bhd will reduce their BR from 2.75 per cent to 2.50 per cent, and will also revise the BLR from 5.70 per cent to 5.45 per cent per.
In line with the revision, RHB Bank’s fixed deposit rates will be revised downwards by 25 basis points effective from July 13.
CIMB Bank and CIMB Islamic Bank Bhd (CIMB Islamic) will have a corresponding 25 bps reduction in their BR and Fixed Deposit/Fixed Return Income Account-i Board Rates.
Similarly, all financing facilities based on BLR and BFR will be reduced by 0.25 per cent.
The latest cut, as well as three more before it, to bring the OPR down to 1.75 per cent, is the largest made by Bank Negara and is record low since the floor was set in 2004.
The central bank has made four OPR cuts totalling 125 bps so far this year.
Source: NST