Three more banks to lower base lending rate

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PETALING JAYA (Feb 3, 2009): Affin Bank Group will reduce its base lending rate (BLR) and base financing rate (BFR) by 65 basis points from 6.55% to 5.9% effective today.

Standard Chartered Bank group, likewise, will cut its BLR and BFR from 6.5% to 5.95% per annum, also effective today. Meanwhile, AmBank Group will lower its BLR by 55 basis points to 6% per annum, from 6.55%, effective Feb 10.

The three are the latest to revise their rates following the downward revision of Bank Negara’s overnight policy rate (OPR) to 2.5%.

“The reduction in our BLR will enable customers to enjoy lower borrowing costs arising from the lowering of the OPR by Bank Negara.

“The availability of credit at a lower cost is key to supporting economic activity at present time,” said Affin Bank managing director Datuk Seri Abdul Hamidy Hafiz in a statement.
 

Source: The Star