Kuala lumpur: Bank Islam Malaysia Bhd, RHB Banking Group, and Public Bank Bhd have revised their standardised base rate (SBR), base rate (BR), and base financing rate (BFR) following Bank Negara Malaysia’s (BNM) decision to reduce the Overnight Policy Rate (OPR) by 25 basis points, from 3.00 percent to 2.75 percent today.

According to BERNAMA News Agency, Bank Islam announced it is reducing its SBR, BR, and BFR by 25 basis points to 2.75 percent, 3.52 percent, and 6.47 percent per annum, respectively, effective July 10. Group CEO Datuk Mohd Muazzam Mohamed stated that this strategic move is expected to support economic activity and offer financial relief to individuals and businesses with financing linked to these rates.

Similarly, RHB Banking Group will also reduce its SBR, BR, and BFR rates by 25 basis points to 2.75 percent, 3.50 percent, and 6.45 percent per annum, respectively, effective July 10. The bank noted that RHB Bank and RHB Islamic Bank’s fixed deposit rates would also decrease by 25 basis points. Group Managing Director and CEO Datuk Mohd Rashid Mohamad emphasized the reduction as a reflection of RHB’s support for BNM’s efforts to stimulate domestic demand through accommodative monetary policy.

In addition, Affin Bank Bhd, Affin Islamic Bank Bhd, and Affin Hwang Investment Bank will revise their loan and financing reference rates downward by 25 basis points, effective July 11. The banks will adjust their SBR, BR, and BFR to 2.75 percent, 3.70 percent, and 6.56 percent per annum, respectively. Affin Bank’s fixed deposit and Affin Islamic’s term deposit-i board rates will also see downward adjustments on the same date.

Meanwhile, Public Bank announced a reduction in its SBR, BR, and BLR/BFR rates by 0.25 percent each, effective July 11. Managing Director and CEO Tan Sri Tay Ah Lek confirmed that the bank’s SBR would be 2.75 percent, aligning with the OPR, while the BR will drop to 3.27 percent from 3.52 percent, and the BLR/BFR will decrease to 6.47 percent from 6.72 percent. Public Bank’s fixed deposit rates will also be adjusted downwards, effective the same date.

Alliance Bank Malaysia Bhd and Alliance Islamic Bank Bhd have similarly announced the reduction of their SBR, BR, and BLR/BFR rates by 25 basis points to 2.75 percent, 3.57 percent, and 6.42 percent per annum, respectively, effective July 15, in line with BNM’s reduction in OPR. The banks will also adjust their fixed deposit rates downwards on the same effective date.