STANDARD CHARTERED, PUBLIC BANK REDUCE BASE RATE FOLLOWING OPR CUT
KUALA LUMPUR, July 8 -- Standard Chartered Malaysia and Standard Chartered Saadiq are bringing down their base rate to 2.27 per cent and base lending/financing rate to 5.45 per cent following the latest reduction of the overnight policy rate (OPR).
In a statement, it said the downward revision of 25 basis points will take effect on July 14 and also applies to the fixed deposits interest and term deposits-i profit rates across all tenors.
Meanwhile, Public Bank Bhd and Public Islamic Bank will also reduce their base rate and base lending/financing rate by 0.25 per cent effective July 10.
Public Bank's fixed deposit rates will also be correspondingly adjusted by 0.25 per cent, on the same date.
Bank Negara Malaysia’s Monetary Policy Committee recently cut the OPR for the fourth time this year, by 25 basis points to 1.75 per cent.
The move is expected to provide additional policy stimulus to accelerate the recovery of an economy that has been halted by the COVID-19 pandemic.
-- BERNAMA
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