KUALA LUMPUR (May 10): CIMB Bank Bhd and CIMB Islamic Bank Bhd will revise down their base rate (BR), base lending rate (BLR), and base financing rate (BFR) by 0.25% effective May 15 in line with the cut in Bank Negara Malaysia (BNM)’s Overnight Policy Rate (OPR) from 3.25% to 3% on May 7.
Similarly, their Fixed Deposit and Fixed Return Income Account-i Board Rates will also be reduced by 0.25%, CIMB Group Holdings Bhd said in a statement.
CIMB said 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.
Group chief executive officer Tengku Datuk Sri Zafrul Aziz said he agreed with BNM's move to cut the rate, saying 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," he added.