KUALA LUMPUR (March 4): Public Bank will reduce its base rate (BR) and base lending rate (BLR) / base financing rate (BFR) by 0.25% effective March 6, 2020, in line with Bank Negara Malaysia’s overnight policy rate (OPR) cut by 25 basis points from 2.75% to 2.50% on March 3.

In a statement today, Public Bank said its fixed deposit rates will also be correspondingly adjusted by 0.25%, effective on the same date.

The bank’s managing director/chief executive officer Tan Sri Tay Ah Lek said Public Bank’s base rate reduction is timely to ease borrowers' burden and to spur the nation’s economic growth amid the ongoing economic challenges brought about by the Covid-19 outbreak.

“Public Bank will continue to proactively manage its assets and liabilities to ensure interest rates are priced responsibly at all times for the benefit of its customers,” said Tay.