BUSINESS

AGROBANK REDUCES BR AND BFR EFFECTIVE IMMEDIATELY

13/05/2020 04:55 PM

KUALA LUMPUR, May 13 -- Agrobank has reduced the Base Rate (BR) and Base Financing Rate (BFR) to 2.60 per cent and 5.75 per cent respectively effective today.

The bank will also adjust downwards its Fixed Return Islamic Accounts (FRIA-i) across all tenures.

In a statement today, it said this is in response to the recent cut on Overnight Policy Rate (OPR) by 50-basis points to two per cent from 2.5 per cent announced by Bank Negara Malaysia.

Covering duties of president and chief executive officer Khadijah Iskandar said the revision is essential to ensure that the domestic economy can continue on a steady growth path.

“This third OPR cut for 2020 reflects the crucial need to support the Malaysian economy due to the ongoing COVID-19 outbreak that has weakened the global economic conditions in the recent period,” she said.

She said Agrobank remained committed to help agropreneurs navigate through this challenging period by providing holistic financial solutions and services beyond banking to various segments of agriculture community including micro and small and medium enterprises.

-- BERNAMA


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