KUALA LUMPUR, July 20 — RHB Banking Group’s units, RHB Bank and RHB Islamic Bank, will reduce their base rate (BR) to 3.80 per cent from 3.90 per cent per annum with effect from Friday.

Both banks will also reduce their base lending rate (BLR) and base financing rate (BFR) from 6.85 per cent to 6.75 per cent per annum, the group said in a statement today.

"The revision in rates will spur a more agile financial environment.

"It will also promote greater domestic demand and boost economic growth, as

well as ease the financial burden of our customers,” said Managing Director Datuk Khairussaleh Ramli.  

The revision is in line with Bank Negara Malaysia’s (BNM) decision to reduce the overnight policy rate (OPR).

BNM recently lowered the OPR to 3.0 per cent from 3.25 per cent after its Monetary Policy Committee meeting on July 13. — Bernama