Thursday 28 Mar 2024
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KUALA LUMPUR (May 6): Bank Muamalat Malaysia Bhd will be lowering its base rate (BR) and base financing rate (BFR) by 50 basis points (bps) following Bank Negara Malaysia’s cut in the overnight policy rate (OPR) on Tuesday.

That means Bank Muamalat's new BR will be reduced from 3.31% per annum to 2.81% per annum, while its BFR will go down to 5.81% per annum from 6.31% per annum. The changes will take effect on May 13, the bank said in a statement today.

The rate adjustments will affect all its floating rate financing packages pegged to the BR and BFR, Bank Muamalat said. Its FTA-I deposit rates will also be reduced by 50bps.

Chief executive officer Khairul Kamarudin said the rate revision is in line with BNM’s decision to execute a rate cut to 2% yesterday, adding that Bank Muamalat will continue to manage its assets and liabilities responsibly, while supporting the country's economic growth initiatives.

Other banks that have announced similar rate adjustments following the OPR cut are: RHB Bank Bhd, Malayan Banking Bhd (Maybank), Public Bank Bhd and CIMB Group Holdings Bhd.

Tuesday's OPR cut is BNM's third this year, bringing the OPR to its lowest level in 10 years.

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