KUALA LUMPUR, March 6 (Bernama) — In response to Bank Negara Malaysia’s (BNM) Overnight Policy Rate (OPR) decrease of 25 basis points from 2.75% to 2.50% on 3 March 2020, CIMB Bank Berhad (“CIMB Bank”) and CIMB Islamic Bank Berhad (“CIMB Islamic”) will effect a corresponding 25-basis point reduction in their Base Rate and Fixed Deposit / Fixed Return Income Account-i Board Rates. Similarly, all financing facilities based on Base Lending Rate (BLR) and Base Financing Rate (BFR) will be reduced by 0.25%. The 0.25% reduction is to help achieve the corresponding effect of monetary policy transmission intent by BNM’s Monetary Policy Committee. All rate changes will take effect on 9 March 2020.
Tengku Dato’ Sri Zafrul Aziz, Group CEO, CIMB Group, said, “This second OPR cut for 2020 reflects the crucial need to support the Malaysian economy in the face of a potentially prolonged disruption to economic activity due to Covid-19. We trust the OPR cut, coupled with the RM20- billion stimulus package announced recently, will bring better prospects for continued economic growth. The magnitude of the impact Covid-19 will have on the Malaysian economy remains uncertain. While the situation remains fluid, we are hopeful that actions taken by both the public and private sector will ensure businesses are well supported to ride through the current challenges. CIMB is doing its part to help our customers, which includes restructuring and rescheduling financing facilities, where necessary.”