KUALA LUMPUR (July 20): RHB Banking Group will lower its base rate from 3.9% to 3.8% per annum and reduce its base lending and financing rates from 6.85% to 6.75%. This follows Bank Negara Malaysia's decision to cut the overnight policy rate to 3%, from 3.25%.
In a statement today, RHB Banking Group said its base rate, besides base lending and financing rates revision, would be effective this Friday (July 22).
“The revision in rates will spur a more agile financial environment. It will also promote greater domestic demand and boost economic growth, as well as ease the financial burden of our customers,” RHB Banking Group group managing director Datuk Khairussaleh Ramli said in the statement.
At Bursa Malaysia, RHB Bank Bhd shares fell three sen or 0.6% at 12:30 p.m. to settle at RM5.11, for a market value of RM20.49 billion. The stock saw 36,100 shares traded.