Maybank has announced a 25 basis points reduction in its Base Rate (BR) and Base Lending Rate (BLR) effective March 5 following Bank Negara Malaysia’s decision to cut the overnight policy rate (OPR) by 25 basis points to 2.5% today.
Maybank’s BR will be lowered from 2.75% p.a. to 2.50% per annum while its BLR will be revised from 6.40% p.a. to 6.15% per annum. Similarly, the Islamic Base Rate and Base Financing Rate will be reduced by 25 basis points from 2.75% per annum. to 2.50% per annum and from 6.40% per annum to 6.15% per annum respectively.
In line with the revision, 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.
“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,” Maybank group president & CEO Datuk Abdul Farid Alias said in a statement Tuesday.
The last revision in Maybank’s BR was on Jan 24 when it was revised to 2.75% from 3.00%.