OCBC Malaysia to increase BR, BLR, BFR by 0.25% effective 18 May 2022
In line with Bank Negara Malaysia’s recent 0.25% Overnight Policy Rate (OPR) increase, OCBC Bank (Malaysia) Berhad (OCBC Bank) and its Islamic banking subsidiary OCBC Al-Amin Bank Berhad (collectively, OCBC Malaysia) will correspondingly increase its base rate (BR), base lending rate (BLR) and base financing rate (BFR) by 0.25% effective 18 May 2022.
All loans and financing rates based on BR, BLR and BFR will correspondingly increase by the same rate. All conventional fixed deposit and Islamic time deposit board rates will also be increased the same day
With the above, OCBC Malaysia’s BR increases from 2.58% to 2.83%, and its BLR/BFR from 5.51% to 5.76%.
Commenting on the revision, Dato’ Ong Eng Bin, Chief Executive Officer of OCBC Bank said the 0.25% increase in the Overnight Policy Rate signals the move of the central bank to buffer inflationary pressures while keeping focus on the growing potential recovery of the economy in the country during this transition to endemic phase.