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BUSINESS

Banks revising reference rates following OPR hike

12/05/2022 08:38 PM

KUALA LUMPUR, May 12 (Bernama) -- Banks are revising their reference rates following Bank Negara Malaysia’s (BNM) overnight policy rate (OPR) increased to two per cent from 1.75 per cent.

In a statement today, Affin Bank Bhd said the bank, Affin Islamic Bank Bhd and Affin Hwang Investment Bank would revise their loan/financing reference rates upward by 25 basis points effective from May 13, 2022.

It said in line with the revision, Affin Bank Fixed Deposit and Affin Islamic Bank Term Deposit-i Board Rates would also be adjusted upwards from May 13.

In a separate statement, Hong Leong Bank Bhd (HLB) and Hong Leong Islamic Bank Bhd said they would be revising the base rate and Islamic base rate to 2.88 per cent from 2.63 per cent.

Similarly, they said loans and financing based on the base lending rate and Islamic financing rate would be revised to 5.89 per cent from 5.64 per cent, effective from May 17. 

HLB group managing director and chief executive officer Domenic Fuda said the revised rates are still competitive for investments and consumption in stimulating the Malaysian economy, particularly small and medium enterprise(SME) and corporate borrowers who are looking to strengthen and expand their business.

In another statement, Bank Islam Malaysia Bhd said it would also revise its base rate and base financing rate by 25 basis points to 2.77 per cent and 5.72 per cent, respectively while the bank’s deposit rates would also be adjusted upwards by 25 basis points effective from May 17, 2022.

“We recognise the ongoing challenges faced by our customers and wish to ensure that our financial assistance remains available for them to regain sound financial positions,” group chief executive officer Mohd Muazzam Mohamed said.

Meanwhile, Bank Muamalat, in another statement said it is revising its base rate and base financing rate by 25 basis points to 2.81 per cent from 2.56 per cent and 5.81 per cent respectively with effect from May 13. 

It said in line with the increase in base rate and base financing rate, the bank is also revising upward its fixed-term account-i deposit rates by 25 basis points.

-- BERNAMA


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