KUALA LUMPUR 8 July - CIMB Bank Berhad (CIMB Bank) and CIMB Islamic Bank Berhad (CIMB Islamic) will effect a 25 basis point reduction in their Base Rate and Fixed Deposit as well as Fixed Return Income Account-i Board Rates.
The reduction is in line with the Bank Negara Malaysia (BNM) Overnight Policy Rate (OPR) reduction by the same basis point from 2% to 1.75%, yesterday.
The new rates will take effect on 13 July 2020.
Read : BNM confirmed reducing OPR up to 1.75%
“Similarly, all financing facilities based on Base Lending Rate (BLR) and Base Financing Rate (BFR) will be reduced by 0.25%,” said CIMB in a statement.
Yesterday, BNM announced the reduction of OPR to record low which correspondingly reduced the ceiling and floor rates of the corridor of the OPR to 2% and 1.5% respectively.
It said, the impact of COVID-19 is severe. - DagangNews.com
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