KUALA LUMPUR, Jan 24 — Standard Chartered (StanChart) Malaysia has reduced its lending, financing and fixed deposit rates by 25 basis points (bps) effective January 30.
Its base rate will be lowered to 3.27 per cent per annum from 3.52 per cent per annum while its base lending rate will be revised to 6.45 per cent from 6.70 per cent per annum.
“Correspondingly, the fixed deposits and term deposits-i interest rates/profit rates will be lowered by 0.25 per cent per annum across all tenors.
“The Islamic base rate and base financing rate will also be reduced to 3.27 per cent per annum and 6.45 per cent per annum respectively from 3.52 per cent and 6.70 per cent previously,” StanChart Malaysia said in a statement today.
The revision comes after Bank Negara Malaysia’s (BNM) announcement to reduce the overnight policy rate by 25 bps to 2.75 per cent at its Monetary Policy Committee meeting recently, as a pre-emptive measure to secure the improving growth trajectory amid price stability.
StanChart Malaysia managing director and chief executive officer Abrar A. Anwar said the policy rate reduction was an indication of the central bank’s proactive stance to support growth.
“The move by BNM is favourable to the borrowers and investors across all segments of the economy.
“This will help to sustain and encourage domestic and foreign investment which will, in turn, help to spur economic growth and expansion amidst external headwinds,” he said.
Abrar said by reflecting that reduction in its rates across the board, the bank would continue to play the role as a financial institution to help the economy’s growth remain on track. — Bernama