Wednesday, May 27

Public Bank reduces base rate by 0.25 per cent

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KUALA LUMPUR: Public Bank will reduce its Base Rate (BR) and Base Lending Rate (BLR) / Base Financing Rate (BFR) by 0.25 per cent effective 6 March 2020.

This is in line with the Bank Negara Malaysia’s move to cut its Overnight Policy Rate (OPR) by 25 basis points from 2.75 per cent to 2.50 per cent on Tuesday.

In a statement yesterday, the bank said its fixed deposit rates will also be correspondingly adjusted by 0.25 per cent, effective on the same date.

“Public Bank’s Base Rate reduction is timely to ease the borrowers’ burden and to spur the nation’s economic growth amidst the on-going economic challenges brought about by the Covid-19 outbreak.

“Public Bank will continue to proactively manage its assets and liabilities to ensure interest rates are priced responsibly at all times for the benefit of its customers,” it added. — Bernama