PUBLIC Bank Bhd will reduce its base rate (BR) and base lending rate (BLR)/base financing rate (BFR) by 0.50% effective May 12, in line with Bank Negara Malaysia’s Overnight Policy Rate (OPR) cut by 50 basis points (bps) from 2.50% to 2.00% on May 5.
At the same time, Public Bank’s fixed deposit rates will also be correspondingly adjusted by 0.50%, effective on the same date, it said in a statement today.
Managing director and CEO Tan Sri Tay Ah Lek said the year-to-date cumulative reduction in the Base Rate of 100 bps will assist in easing borrowers’ burden and this is especially significant under the current challenging period brought about by the Covid-19 outbreak and the enforcement of the Movement Control Order necessary to stem the outbreak.
“This, coupled with the government’s fiscal stimulus and BNM’s financial relief measures, will lend support to the economy enabling the gradual recovery in economic activities,” he said. — May 6, 2020, Bernama
