CIMB Announces Reduction in Base Rate, BLR and BFR
17 July 2016
Kuala Lumpur: CIMB Group ("CIMB") announced today that it is lowering its Base Rate (BR) by 20 basis points (0.20%) for loans/financing products for its Malaysian business, in view of Bank Negara’s recent Overnight Policy Rate (OPR) cut.
CIMB's BR will be reduced from 4.1% to 3.9% per annum and its Base Lending Rate/Base Financing Rate (BLR/BFR) will be decreased from 6.95% to 6.75% per annum effective 22 July 2016.
As a result, all loans/financing pegged to BR/BLR/BFR will be adjusted accordingly. In line with this change, CIMB's deposit rates will be revised downwards by up to 20 basis points.
Tengku Dato’ Sri Zafrul Aziz, Group Chief Executive, CIMB Group said, "Bank Negara's pre-emptive decision to reduce the OPR is both timely and strategic, given the current challenges faced by the domestic economy due to possible spillover effects from global uncertainties. We support this accommodative monetary policy that encourages investments and is favourable to borrowers and consumers to improve prospects moving forward. This cut will also reduce the risk of external imbalances, in view of the general decline in global interest rates."
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