Public Bank latest lender to revise key interest rates

PETALING JAYA: Public Bank Bhd will reduce its base rate (BR) and base lending rate (BLR) by 23 basis points effective tomorrow following the cut in Bank Negara Malaysia's Overnight Policy Rate (OPR) two weeks ago.

Public Bank is the seventh bank to announce cuts since the OPR cut.

In a statement released yesterday, Public Bank said the reduction will bring its BR to 3.52% and BLR to 6.72%, respectively.

Public Bank founder and chairman Tan Sri Teh Hong Piow said the bank is reducing its lending and financing rates to pass on the benefits to customers, which is in line with the objective of the pre-emptive action by the central bank to lower its benchmark interest rate.

Teh said the move is poised to be a positive catalyst for the Malaysian economy to continue on a steady growth path amid increasing signs of moderating momentum in the global economy.

"On a positive note, domestic demand as the main engine of the Malaysian economy will remain supported by monetary accommodativeness, healthy financial condition and stable inflation in the domestic economy," he added.