KUALA LUMPUR (March 3): Malayan Banking Bhd (Maybank) said it will cut its base rate (BR) and base lending rate (BLR) by 25 basis points effective Thursday, in line with the reduction in the overnight policy rate (OPR) announced by Bank Negara Malaysia today.

The bank said in a statement that its BR will be lowered to 2.50% per annum from 2.75%, while its BLR will be revised to 6.15% from 6.40%.

Similarly, Maybank’s Islamic BR and base financing rate will be reduced by 25 basis points to 2.50% and 6.15% respectively.

Maybank and Maybank Islamic’s deposit rates will also be adjusted downwards by 25 basis points, effective the same day.

“The reduction in lending rates will help mitigate the impact of the economic uncertainties that have arisen of late, especially following the COVID-19 outbreak,” said Maybank group president and chief executive officer Datuk Abdul Farid Alias.

“We remain committed to playing our role in supporting a more accommodative monetary environment that will help businesses and individuals navigate through this challenging period,” he said.

The last revision in Maybank’s BR was on Jan 24, when it was revised to 2.75% from 3.00%.

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