KUALA LUMPUR, March 4 — Hong Leong Bank Bhd (HLB) and its Islamic arm, Hong Leong Islamic Bank Bhd (HLISB), will be reducing the base rate (BR) and Islamic base rate (IBR) to 3.38 per cent from 3.63 per cent, effective March 6.
The bank, in a statement today, said the reduction followed a recent move by Bank Negara Malaysia’s (BNM) to cut overnight policy rate (OPR) by 25 basis points (bps).
Similarly, it said loans and financing based on base lending rate (BLR) and Islamic financing rate (IFR) would be be lowered to 6.39 per cent from 6.64 per cent and the board rates fixed deposits would be revised lower by 25 bps as well.
HLB group managing director/chief executive officer Domenic Fuda said the reduction in rates, coupled with the recently announced measures by BNM to assist businesses and households, plus the fiscal stimulus package, would help businesses and individuals to weather the current challenging period.
“With the impact of COVID-19 now reverberating across the region and impacting the local economic conditions, this latest OPR reduction will provide some needed respite for borrowers, especially for small and medium enterprises, corporate and individuals directly affected by the outbreak,” he said.
He said the bank is encouraged by these measures taken to buffer the impact of COVID-19 and hoped that it would bolster productivity, investments and consumption so as to stimulate the Malaysian economy as a whole. — Bernama
