PETALING JAYA: Standard Chartered Malaysia has cut its Base Rate (BR) by 25 basis points (bps) effective May 14, 2019.
With the cut, the bank’s BR will be lowered from 3.77% per annum to 3.52% per annum, while its Base Lending Rate (BLR) will also be revised from 6.95% to 6.70% per annum.
Its fixed deposits and term deposit-i interest rates have also been lowered by 0.25% taking effect from May 15, 2019.
For the adjustment, Standard Chartered has passed the entire benefit of the cut to all its existing home loan customers who will receive the benefit with immediate effect.
In addition, the bank has also lowered its Islamic BR and base financing rate by 25bps to 3.52% per annum and 6.70% per annum respectively from 3.77% and 6.95% previously.
The revision follows Bank Negara Malaysia’s decision to reduce the Overnight Policy Rate by 25 bps to 3% at its Monetary Policy Committee meeting held recently.
Standard Chartered managing director and CEO Abrar A. Anwar (pix) said that the bank is supportive of the accommodative policy as it encourages investments and is favourable to borrowers.
“This revision will help our existing and potential borrowers contend with the current environment and help spur economic growth in the country. We believe it will also support the government’s efforts to ensure that the domestic economy can continue on a steady growth path,” he said.