KUALA LUMPUR (July 7): Malayan Banking Bhd (Maybank) will cut its base rate (BR) and base lending rate (BLR) by 25 basis points (bps) effective Thursday (July 9).
This follows Bank Negara Malaysia’s move today to reduce its Overnight Policy Rate (OPR) by 25 bps to a record low of 1.75%. The central bank has made four OPR cuts totalling 125 bps so far this year.
In a statement, Maybank said its BR would be lowered to 1.75% per annum from 2% at present, while its BLR will be revised to 5.40% from 5.65%.
The move will also be replicated in its Islamic Base Rate and Base Financing Rate. The Islamic Base Rate will be lowered 25 bps to 1.75% per annum, from 2%, and the Base Financing Rate to 5.40% from 5.65%.
Come Thursday, Maybank and Maybank Islamic’s fixed deposit rate will also be adjusted downwards.
The last time Maybank revised its BR was on May 8, when it was cut to 2% from 2.50%.
Shares in Maybank closed 0.13% or one sen lower at RM7.82, valuing the group at RM87.91 billion. It saw some 9.49 million shares traded.