KUALA LUMPUR, March 3 — Maybank will reduce its Base Rate (BR) and Base Lending Rate (BLR) by 25 basis points (bps) effective March 5, 2020, in line with the reduction in the Overnight Policy Rate (OPR) today.

The bank said its BR will be lowered from 2.75 per cent per annum (pa) to 2.50 per cent pa while the BLR will be revised from 6.40 per cent pa to 6.15 per cent pa.

Similarly, the Islamic Base Rate and Base Financing Rate will be reduced by 25 bps from 2.75 per cent pa to 2.50 per cent pa and from 6.40 per cent pa to 6.15 per cent pa respectively.

Maybank group president and chief executive officer Datuk Abdul Farid Alias said 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,” he said in a statement today.

Bank Negara Malaysia today reduced the OPR by 25 bps to 2.50 per cent. This is the second OPR cut by the central bank this year after slashing the benchmark interest rate by 25 bps to 2.75 per cent in January. — Bernama