KUALA LUMPUR, March 5 ― CIMB Bank Bhd and CIMB Islamic Bank Bhd will slash its base rate and fixed deposit or fixed return income account-i board rates by 25-basis point effective March 9.
All financing facilities based on base lending rate and base financing rate will also be reduced by 0.25 per cent, to help achieve the corresponding effect of monetary policy transmission intent by Bank Negara Malaysia’s Monetary Policy Committee.
CIMB Group group chief executive officer Tengku Datuk Seri Zafrul Aziz 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,” he said in a statement today.
Tengku Zafrul expressed hope 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,” he said. ― Bernama
