Maybank, RHB to lower base rate, BLR by 25 bps

Malayan Banking Bhd (Maybank) will lower its base rate (BR) and base lending rate (BLR) by 25 basis points (bps), effective July 9, 2020, in line with the reduction in the overnight policy rate (OPR) today.

In a statement, the bank said its BR will be lowered to 1.75 percent from 2.00 percent, while its BLR will be revised to 5.40 percent from 5.65 percent.

Similarly, the Islamic BR and Base Financing Rate will be reduced by 25 basis points to 1.75 percent from 2.00 percent and to 5.40 percent from 5.65 percent, respectively.

The fixed deposit rates of Maybank and Maybank Islamic will also be changed downward, in line with the reform.

The last revision in Maybank’s Base Rate was on May 8 when it was revised to 2.00 percent from 2.50 percent.

In a separate statement, RHB Banking Group said it has also revised its BR and BLR downwards by 25 basis points, effective July 13, 2020.

RHB Bank Bhd (RHB), RHB Islamic Bank Bhd and RHB Investment Bank Bhd will reduce the BR from 2.75 percent to 2.50 percent per annum, and will also revise the BLR from 5.70 percent to 5.45 percent per annum.

In line with the revision, RHB Bank’s fixed deposit rates will also be revised downwards by 25 bps effective from the same date.

Earlier today, BNM announced the reduction of the OPR by another 25 basis points to 1.75 percent, a record low since the floor was set in 2004.

BNM said its Monetary Policy Committee (MPC) decided to have the ceiling and floor rates of the corridor of the OPR correspondingly reduced to 2.00 percent and 1.50 per cent, respectively.

“The impact of Covid-19 on the global economy is severe. Global economic conditions remain weak with global growth projected to be negative for the year,” said BNM.

It added that the reduction in the OPR will provide additional policy stimulus to accelerate the pace of economic recovery.

- Bernama

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