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KUALA LUMPUR (Jan 29): Malayan Banking Bhd (Maybank) said its base rate will be increased by 25 basis points from 3% per year to 3.25% per year from today. Its base lending rate (BLR) will also be revised from 6.65% per year to 6.9% per year.
Similarly, the Islamic base rate and base financing rate will be raised by 25 basis points from 3% per year to 3.25% per year and from 6.65% to 6.9% per year, respectively.
In line with the revision, Maybank’s fixed deposit rates will also be revised upwards by between 20 basis points and 25 basis points effective today.
In a statement yesterday, Maybank group president and chief executive officer Datuk Abdul Farid Alias said, “We will continue to support our customers to ensure that borrowers are not unduly affected, while at the same time, allowing depositors to receive an appropriate return for their deposits.”
“Our customers can also be assured that the group will continue to manage our assets and liabilities efficiently to ensure that our interest rates are priced responsibly at all times,” added Abdul Farid.
The last revision of Maybank’s base rate was on July 15, 2016 when it was reduced to 3% from 3.2%.
Last Friday, CIMB Bank Bhd and CIMB Islamic Bank Bhd said they were raising their BLR and fixed deposit rates by 0.25% effective Feb 2.
Similarly, loans and financing based on BLR and base financing rate respectively will be increased by 0.25%.
This article first appeared in The Edge Financial Daily, on Jan 29, 2018.
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