PETALING JAYA (July 14): Maybank’s base rate (BR) and base lending rate (BLR) will be reduced by 20 basis points to 3% per annum and 6.65% per annum, respectively.

In a statement today, the bank said it will revise its BR and BLR effective tomorrow, in line with the lowering of the overnight policy rate (OPR) by Bank Negara Malaysia (BNM).

Similarly, the Islamic BR and base financing rate (BFR) will also be reduced by 20 basis points to 3% per annum and 6.65% per annum, respectively.

Maybank group president and CEO Datuk Abdul Farid Alias said the revision in the rates will benefit borrowers as all loans or financing pegged to the base rate or BLR/BFR would also be adjusted accordingly.

“This revision will assist existing and potential borrowers contend with the current challenging environment and help spur economic and business growth in the country,” he said.

“We believe it will also support the government’s efforts to ensure that the domestic economy can continue on a steady growth path.”

In line with the reduction in BLR/BFR and the base rate, Maybank’s deposit rates will also be revised downwards by up to 20 basis points.

The last revision in Maybank’s BLR was in July 2014 when it was raised by 25 basis points to 6.85% per annum.

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