KUALA LUMPUR, 23 May 2019 – CIMB Bank Berhad and CIMB Islamic Bank Berhad have reduced 25 basis points of their Base Rate (BR) and Fixed Deposit/Fixed Return Income Account-i Board Rates, in response to Bank Negara Malaysia’s (BNM) Overnight Policy Rate (OPR) decrease of 25 basis points from 3.25% to 3.00%.
CIMB also stated that loans and financing based on Base Lending Rate (BLR) and Base Financing Rate (BFR) respectively reduced by 0.25%.
“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,” it stated.
According to the Group CEO, CIMB Group, Tengku Dato’ Sri Zafrul Aziz, 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 said.
All rate changes have started to take effect on 15 May 2019.