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KUALA LUMPUR (Jan 23): CIMB Bank Bhd, together with CIMB Islamic Bank Bhd, is lowering its base rate and fixed deposit rates by 25 basis points, in line with Bank Negara Malaysia's key interest rate cut yesterday.
The rate changes will take effect from next Thursday (Jan 30), the bank said in a statement yesterday.
"Similarly, loans and financing based on Base Lending Rate (BLR) and Base Financing Rate (BFR) respectively will be reduced by 0.25%. The 0.25% reduction across the board is to help achieve the corresponding effect of monetary policy transmission intent by BNM's Monetary Policy Committee," it said.
BNM earlier announced that the overnight policy rate (OPR) will be lowered by 25 bps from 3% to 2.75%, as a pre-emptive measure to secure the nation's improving economic growth trajectory.
The OPR cut is timely, in view of benign inflation and other modest key economic indicators, said CIMB Group chief executive officer Tengku Zafrul Aziz in the statement.
“The Malaysian economy’s steady growth is expected to be supported by this latest move by Bank Negara to set the nation’s economic expansion on a firmer trajectory, moving forward. Current macro-economic challenges, in particular the ongoing US-China trade negotiations, look set to remain a threat to the growth of emerging economies, including Malaysia’s.
“We hope the 0.25% reduction in applicable rates will not only ease the burden of borrowers, but also spur further lending, investments and consumption to support the country’s economic growth,” he added.
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