KUALA LUMPUR March 4 -- Bank Muamalat Malaysia Bhd (BMMB) will reduce its base rate (BR) and base financing rate (BFR) by 25 basis points effective March 5, 2020, in line with the reduction in the Overnight Policy Rate (OPR) announced yesterday.
BMMB said the BR and BFR will be accordingly revised by 25 basis points from 3.56 per cent p.a. to 3.31 per cent p.a. and from 6.56 per cent p.a. to 6.31 per cent p.a. respectively.
"This will affect all floating rate financing packages pegged to the BR and BFR," said BMMB in a statement released today.
In line with the reduction in BR and BFR, BMMB’s Fixed Term Account-i (FTA-i) deposit rates will also be revised downward by 25 basis points, it said.
According to chief executive officer Khairul Kamarudin, the rate revision is in line with the reduction in OPR to 2.50 per cent as announced by Bank Negara Malaysia yesterday.
He added that BMMB will continue to manage its assets and liabilities responsibly while supporting the current economic growth initiatives.
-- BERNAMA
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