KUALA LUMPUR (July 12): OCBC Bank (Malaysia) Bhd and its subsidiary OCBC Al-Amin Bank Bhd will cut their base rate (BR), base lending rate (BLR) and base financing rate (BFR) by 0.25% effective tomorrow, in line with Bank Negara Malaysia’s 0.25% overnight policy rate (OPR) cut.

In a statement today, OCBC Malaysia said its BR will decrease to 2.58% from 2.83%, while its BLR/BFR will be lowered to 5.51% from 5.76%.

“All loans and financing rates based on BR, BLR and BFR will correspondingly decrease by the same rate,” said the banks.

Likewise, all conventional fixed deposit and Islamic time deposit board rates will also decrease by 0.25% tomorrow.

Commenting on the rate cut, OCBC Bank chief executive officer Datuk Ong Eng Bin said: “We are in uncertain times that are challenging to both the person on the street and businesses. The decrease in the OPR is in line with the country’s economic recovery efforts. We are looking forward to seeing everyone reap the benefits of the OPR cut, which is meant to ease borrowers’ burdens and promote prudent spending."

He added that the full transmission of this year’s fourth round of cuts in the OPR will benefit OCBC Malaysia customers who have loans or financing tied to the BR, BLR or BFR.