KUALA LUMPUR, 23 January 2020 – CIMB Bank Berhad and CIMB Islamic Bank Berhad has announced a corresponding 25-basis points reduction in their Base Rate and Fixed Deposit/Fixed Return Income Account-i Board Rates, following Bank Negara Malaysia’s Overnight Policy Rate (OPR) cut of 25 basis points from 3.00% to 2.75% yesterday.
Tengku Dato’ Sri Zafrul Aziz, Group CEO of CIMB Group, said in a statement “The OPR cut is timely in view of benign inflation and other modest key economic indicators. The Malaysian economy’s steady growth is expected to be supported by this latest move by Bank Negara to set the nation’s economic expansion on a firmer trajectory, moving forward.”
“Current macro-economic challenges, in particular the ongoing US-China trade negotiations, look set to remain a threat to the growth of emerging economies, including Malaysia’s. We hope the 0.25% reduction in applicable rates will not only ease the burden of borrowers, but also spur further lending, investments and consumption to support the country’s economic growth,” he added.
CIMB also stated that loans and financing based on Base Lending Rate (BLR) and Base Financing Rate (BFR) respectively will be reduced by 0.25%. All rate changes will take effect on 30 January 2020.