Standard Chartered Malaysia cuts base rate by 50bps effective May 14

KUALA LUMPUR (May 8): Standard Chartered Malaysia (StanChart) has announced that it will be lowering its base rate and base lending rate by 50 basis points to 2.52% and 5.7% per annum respectively, effective May 14.

In a statement today, StanChart said the -0.5% rate adjustment also applies to its fixed deposits interest and term deposits-i profit rates across all tenors.

"Correspondingly, the bank is also bringing down its Islamic basic rate and base financing rate by 50 basis points to 2.52% and 5.7% per annum respectively.

"The move is in line with Bank Negara Malaysia's (BNM) recent announcement to reduce the overnight policy rate (OPR) by basis points to 2%, which complements other monetary and financial measures implemented thus far to cushion the economic impact on businesses and households and support the improvement in economic activity," it said.

StanChart's managing director and chief executive officer Abrar A Anwar (pictured) said the central bank’s rate cut will help to improve domestic economic conditions weakened by containment measures and border closures that were implemented to curb the Covid-19 outbreak.

"Although economic activity is expected to improve with the easing of the Movement Control Order (MCO), growth projections remain uncertain due to the rapid and fluid nature of the situation.

"The rate reduction will help to ease borrowers' burdens as we wait for the pandemic to die down. During this time, we will continue to spur economic growth and help our clients navigate through this [challenging] period," Abrar added.

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