Maybank’s group president & CEO, Datuk Abdul Farid Alias announced Malayan Banking Bhd is lowering the interest rates for loans and savings by 20 basis points with effect from Friday. It applies to all their housing loan customer regardless of a conventional or Islamic loan.

It said the base rate (BR) will be lowered by 20 basis points from 3.20% per annum to 3% per annum while its base lending rate (BLR) will also be revised from 6.85% to 6.65% per annum.The Islamic base rate and base financing rate will also be reduced accordingly.

This is a good news to all their existing customers and a hint to other banks to reduce their interest rates if they want to be competitive in the market.

Maybank has been known for having the lowest Base Rate (BR) in the market and this sends a clear message that a Base Rate can go lower if a bank financial background is strong and stable.

The move by the country’s largest bank followed Bank Negara Malaysia’s (BNM) unexpected move to reduce the Overnight Policy Rate (OPR) by 25 basis points to 3% at its Monetary Policy Committee (MPC) meeting, citing rising risks from Britain’s exit from the European Union.

According to Datuk Abdul Farid Alias, “This revision will assist existing and potential borrowers contend with the current challenging environment and help spur economic and business growth in the country,” he said.

“We believe it will also support the government’s efforts to ensure that the domestic economy can continue on a steady growth path.”

The last revision in Maybank’s BLR was in July 2014 when it was raised by 25 basis points to 6.85% per annum.

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