Maybank today announced that its Base Lending Rate (BLR) will be reduced by 55 basis points from 6.5% to 5.95% effective 3 February 2009. The revision takes into account the reduction in the floor rate of the 1 and 12 months fixed deposits by 50 basis points and the reduction in Overnight Policy Rate (OPR) by 75 basis points. This is aimed at enabling the Bank’s borrowers to enjoy the immediate benefit from the overall lower cost of funding.
The base financing rate (BFR) of Maybank Islamic Berhad will similarly be revised downwards from 6.5% to 5.95% effective 3 February 2009.
“The reduction in our lending rate is part of our ongoing commitment towards the creation of a more supportive monetary environment. Borrowers will enjoy immediate benefits as the interest rates of all their loans pegged to the Bank’s BLR will be adjusted accordingly,” said Dato’ Sri Abdul Wahid Omar, President and CEO of Maybank.
He added that given the challenging business environment, the lower cost of funding will be a boon to borrowers and help in sustaining positive economic growth in the country. “We remain mindful of the needs of our customers and the community at large, especially in facilitating business growth, and will continue to support them with access to financial services.”
Dato’ Sri Abdul Wahid said that together with the earlier reduction in BLR and BFR by 25 basis points on 1 December 2008, the Bank has actually had to bear additional costs as deposit rates in general were not lowered by the same quantum as the lending rates.
“Maybank and Maybank Islamic will nevertheless continue to play our part to assist customers manage their financial obligations in these times, including providing them with value-added advisory services. We are also actively monitoring the operating environment and engaging with customers to offer them additional support where appropriate.”
The last revision in BLR and BFR of Maybank and Maybank Islamic respectively was on 1 December 2008 when the rates were reduced by 25 basis points to 6.5%.