KUALA LUMPUR: Maybank will reduce its Base Rate (BR) and Base Lending Rate (BLR) by 50 basis points effective May 8 in line with the reduction in the Overnight Policy Rate (OPR) today.
Maybank’s BR will be lowered from 2.5% per annum to 2%, while its BLR will be revised from 6.15% per annum to 5.65%.
“Similarly, the Islamic Base Rate and Base Financing Rate will be reduced by 50 basis points from 2.5% per annum to 2% and from 6.15% per annum to 5.65%, respectively,” said the bank in a statement today.
In line with the revision, Maybank and Maybank Islamic’s fixed deposit rates will also be adjusted downwards by 50 basis points effective the same day, it said.
Maybank Group president and CEO Datuk Abdul Farid Alias said, “This reduction is another step to help support economic recovery in the country, and we believe that borrowers will benefit from this additional relief in their loan or financing payments, especially during this challenging period.”
The last revision in Maybank’s Base Rate was on March 5, when it was revised to 2.5% from 2.75%.
Tonight, CIMB Bank Bhd (CIMB Bank) and CIMB Islamic Bank Bhd (CIMB Islamic) also announced they will effect a 50-basis point reduction in their Base Rate and Fixed Deposit/ Fixed Return Income Account-i Board Rates on May 13.
The group acknowledged that the third OPR cut by BNM for 2020 is essential to bolster the Malaysian economy amidst the subdued domestic and global economies coupled with plunging oil prices.
“This step, together with the government’s economic stimulus package, will lower the cost of borrowings and boost spending power for individuals and businesses to eventually help spur the domestic economy.
“In doing our part, CIMB aims to help customers and communities tackle cash flow issues by providing various financial programmes, in line with government policies, during this most crucial period,” it added. – May 5, 2020, Bernama
