KUALA LUMPUR (May 5): Bank Negara Malaysia (BNM)’s Monetary Policy Committee has raised the overnight policy rate (OPR) by another 25 basis points (bps) to 3.00% on Wednesday (May 3).
This brings the latest benchmark interest rate to the pre-pandemic level of 3%, which was last seen on Nov 5, 2019.
Subsequently, several banks in the country announced their new lending rates effective as early as May 8, 2023, in line with the revised OPR.
The Edge will be updating this report, as more banks announce their new rates.
RHB Banking Group will revise its Standardised Base Rate (SBR), Base Rate (BR) and Base Lending/Financing Rate (BLR/BFR) upwards by 25 basis points effective May 8, 2023, in line with the increase in the OPR by BNM on Wednesday.
RHB Bank Bhd (RHB Bank), RHB Islamic Bank Bhd (RHB Islamic Bank) and RHB Investment Bank Bhd (RHB Investment Bank) will increase their SBR from 2.75% to 3.00%, BR from 3.50% to 3.75% per annum (pa), and will also revise the BLR/BFR from 6.45% to 6.70% pa.
In line with the revision, RHB Bank and RHB Islamic Bank’s fixed deposit rates will also be revised upwards, according to the bank’s statement on May 3.
Public Bank, in a statement on May 3, said it will increase its SBR, BR and BLR /BFR by 0.25% effective May 8, 2023.
The bank’s SBR will be 3.00%, in tandem with the OPR, while the BR will increase to 3.52% from 3.27% and the BLR/BFR will increase to 6.72% from 6.47%. At the same time, Public Bank’s fixed deposit rates will also be adjusted upwards, effective on the same date.
Affin Bank Bhd, Affin Islamic Bank Bhd and Affin Hwang Investment Bank Bhd will revise their loan/financing reference rates upward by 25 basis points (0.25%), effective May 8, 2023.
According to the bank’s statement, in line with the revision, Affin Bank Fixed Deposit and Affin Islamic Bank Term Deposit-i Board Rates will also be adjusted upwards, effective May 8, 2023.
Maybank’s SBR and BR will be increased from 2.75% to 3.00%, while its BLR will be revised from 6.40% to 6.65%, effective May 8, 2023.
Similarly, the Islamic SBR and BR will be increased by 25 basis points from 2.75% to 3.00% respectively, while the Islamic Base Financing Rate (IBR) will be increased from 6.40% to 6.65%.
In line with the revision, Maybank and Maybank Islamic’s fixed deposit rates will also be adjusted upwards, effective May 8, 2023.
The last revision in Maybank’s BR was on Nov 7, 2022, when it was increased from 2.50% to 2.75%, following an OPR increase by the same quantum.
In a statement, the banking group said its SBR for Hong Leong Bank and Hong Leong Islamic Bank will be at 3.00%, effective May 9, 2023.
The bank’s BR and IBR will be revised to 3.88% from 3.63%. Similarly, loans and financing based on the BLR and Islamic Financing Rate (IFR) will be revised to 6.89%, from 6.64%.
Alliance Bank Malaysia Bhd (Alliance Bank) and Alliance Islamic Bank Bhd (Alliance Islamic Bank) announced on Friday (May 5) that they will raise their SBR by 25 basis points to 3.00% per annum to mirror the OPR effective May 10, 2023.
Correspondingly, Alliance Bank and Alliance Islamic Bank will raise their BR by 25 basis points from 3.57% to 3.82% per annum while BLR and BFR will be revised from 6.42% to 6.67% per annum.
In tandem with the revision, Alliance Bank and Alliance Islamic Bank will adjust their fixed deposit rates upwards on the same effective date.