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10 May 2019

CIMB announces reduction in rates

[KUALA LUMPUR] In response to Bank Negara Malaysia's (BNM) Overnight Policy Rate (OPR) decrease of 25 basis points from 3.25% to 3.00% on 7 May 2019, CIMB Bank Berhad (“CIMB Bank”) and CIMB Islamic Bank Berhad (“CIMB Islamic”) will effect a corresponding 25-basis points reduction in its Base Rate and Fixed Deposit / Fixed Return Income Account-i Board Rates. 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. All rate changes will take effect on 15 May 2019.

Group CEO, CIMB Group, Tengku Dato’ Sri Zafrul Aziz said, “The OPR cut will encourage investments and consumption to spur the Malaysian economy. Most importantly, our corresponding 0.25% reduction in applicable rates will ease the burden of borrowers, particularly in the face of current challenges in the domestic economy due to spillover effects from fresh US-China trade tensions and global uncertainties."