CIMB announces rate reductions across the board

22 Jan 2020 / 19:15 H.

PETALING JAYA: CIMB Bank Bhd and CIMB Islamic Bank Bhd will be reducing its lending, financing and fixed deposit rates in response to the 25 basis point cut in the Overnight Policy Rate (OPR) announced by Bank Negara Malaysia earlier today.

In a statement, CIMB Group CEO Tengku Datuk Seri Zafrul Aziz (pix) said the OPR cut is timely in view of benign inflation and other modest key economic indicators.

“The Malaysian economy’s steady growth is expected to be supported by this latest move by Bank Negara to set the nation’s economic expansion on a firmer trajectory, moving forward.

“Current macro-economic challenges, in particular the ongoing US-China trade negotiations, look set to remain a threat to the growth of emerging economies, including Malaysia’s. We hope the 0.25% reduction in applicable rates will not only ease the burden of borrowers, but also spur further lending, investments and consumption to support the country’s economic growth,” he said.

Both CIMB and CIMB Islamic will effect a 25-basis point reduction in their base rate and fixed deposit / fixed return income account-i Board rates.

Similarly, loans and financing based on Base Lending Rate (BLR) and Base Financing Rate (BFR) respectively will be reduced by 0.25%.

All rate changes will take effect on Jan 30.

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