KUALA LUMPUR – Maybank will revise upwards its standardised base rate (SBR), base rate (BR) and base lending rate (BLR) by 25 basis points effective next Monday (September 12), following Bank Negara Malaysia’s (BNM) announcement today on the overnight policy rate (OPR) hike.
Maybank’s SBR and BR will be increased from 2.25% to 2.50% per annum while its BLR will be revised from 5.90% to 6.15% per annum.
Similarly, the Islamic SBR and BR will be increased by 25 basis points from 2.25% to 2.50% per annum, while the Islamic base financing rate will be increased from 5.90% to 6.15% per annum, respectively.
Maybank and Maybank Islamic’s fixed deposit rates will also be adjusted upwards effective September 12, the bank said in a statement.
The last revision for Maybank’s BR was on July 8 when it was increased from 2.00% to 2.25% per annum following an OPR increase by the same quantum.
BNM had today raised the OPR by 25 basis points to 2.5%, making it the third consecutive hike this year, after May and July.
As such, the ceiling and floor rates of the OPR corridor have also been raised to 2.75% and 2.25%, respectively, the central bank said in a statement.
Malaysia’s inflation was 4.4% in July, the highest in 14 months and driven by surging food prices, which had prompted speculation of another OPR hike.
BNM also explained that aggressive adjustments in US interest rates have contributed to a strong US dollar, which has affected the ringgit. The ringgit yesterday sank to RM4.50 against the US dollar. – The Vibes, September 8, 2022
