KUALA LUMPUR: CIMB Bank Bhd and CIMB Islamic Bank Bhd will effect a corresponding 25 basis points (bps) increase in their standardised base rate (SBR), base rate (BR) and fixed deposit/fixed return income account-i board rates.
This followed Bank Negara Malaysia's (BNM) 25 bps hike in the overnight policy rate (OPR) yesterday.
CIMB Group said similarly, all financing facilities based on the base lending rate (BLR) and base financing rate (BFR) will be increased by 0.25 per cent.
“All rate changes will take effect on Nov 8, 2022,“ it said in a statement.
In a separate statement, Hong Leong Group said Hong Leong Bank Bhd and Hong Leong Islamic Bank Bhd will also adjust upwards their standardised base rate (SBR) to 2.75 per cent, effective Nov 8, 2022.
It said both banks’ BR and Islamic base rate (IBR) will be revised to 3.63 per cent from 3.38 per cent.
“Similarly, loans and financing based on the BLR and Islamic Financing Rate (IFR) will be revised to 6.64 per cent from 6.39 per cent,“ it said, adding that all changes will take effect from Nov 8, 2022.
BNM raised the OPR by 25 bps to 2.75 per cent on Wednesday, the fourth consecutive hike since May this year as the central bank’s monetary policy committee (MPC) decided to further adjust the degree of monetary accommodation. -Bernama
