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BUSINESS

SME Bank revises BFR to 6.45 pct

23/05/2022 12:11 PM

KUALA LUMPUR, May 23 (Bernama) -- SME Bank is revising its Base Lending Financing Rate (BFR) upwards by 25 basis points to 6.45 per cent, effective June 1, 2022, following the revision of the overnight policy rate (OPR) by Bank Negara Malaysia recently.

SME Bank group president/chief executive officer Aria Putera Ismail said the last time the bank revised its BFR was on July 17, 2020 at 6.20 per cent and with the upward revision, the financing tenure of the customers remains unchanged while the instalment amount shall be revised accordingly.

He noted that support to small and medium enterprises (SMEs) remains strong as the country recorded significant growth in working capital financing disbursements at 21.2 per cent in the first quarter of 2022.

“At SME Bank, we are taking a proactive approach to mitigate the impact of the OPR revision on SMEs.

“We are making available existing tailored financing assistance, as well as the financing programmes announced during Budget 2022 such as the RM100 million Young Entrepreneur Fund 2.0, the RM200 million IBS Promotion Fund 2.0, and the RM200 million SME Recapitalisation Fund.” he said in a statement today.

-- BERNAMA


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