CIMB announces reduction in rates – May 2020

05 May 2020

KUALA LUMPUR: In response to Bank Negara Malaysia's (“BNM”) Overnight Policy Rate (“OPR”) reduction of 50 basis points from 2.50% to 2.00% on 5 May 2020, CIMB Bank Berhad (“CIMB Bank”) and CIMB Islamic Bank Berhad (“CIMB Islamic”) will effect a corresponding 50-basis point reduction in their Base Rate and Fixed Deposit / Fixed Return Income Account-i Board Rates. Similarly, all financing facilities based on Base Lending Rate (“BLR”) and Base Financing Rate (“BFR”) will be reduced by 0.50%. The 0.50% reduction 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 13 May 2020.

CIMB Group, said, “This third OPR cut for 2020 is essential to bolster the Malaysian economy amid the subdued domestic and global economies coupled with plunging oil prices. This step, together with the government’s economic stimulus package, will lower the cost of borrowings and boost spending power for individuals and businesses to eventually help spur the domestic economy. In doing our part, CIMB aims to help customers and communities tackle cash flow issues by providing various financial programmes, in line with government policies, during this most crucial period.”