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StanChart Malaysia lowers base lending rate after OPR cut

KUALA LUMPUR (May 17): Standard Chartered Malaysia has lowered the interest rates for loans by 25 basis points with effect from May 14, following the cut in overnight policy rate (OPR) to 3% from 3.25% by Bank Negara Malaysia on May 7.

The bank's base rate is lowered from 3.77% per annum to 3.52% per annum while its base lending rate is also revised from 6.95% to 6.70% per annum.

Similarly, its Islamic base rate and base financing rate have also been reduced by 25 basis points to 3.52% per annum and 6.70% per annum, respectively from 3.77% and 6.95% previously.

In a statement today, Standard Chartered Malaysia said it has passed the entire benefit of the cut to all its existing home loan customers, who will receive the benefit with immediate effect.

Its managing director and chief executive officer Abrar Anwar said the bank is supportive of the accommodative policy as it encourages investments and is favourable to borrowers.

"This revision will help our existing and potential borrowers contend with the current environment and help spur economic growth in the country. We believe it will also support the government's efforts to ensure that the domestic economy can continue on a steady growth path," he said.

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