KUCHING: Public Bank will reduce its base rate and base lending rate/base financing rate by 0.5 percent effective May 12.
This is in line with Bank Negara Malaysia’s (BNM) overnight policy rate (OPR) being cut by 50 basis points (bps) from 2.5 percent to two percent on May 5.
At the same time, Public Bank’s fixed deposit rates will also be correspondingly adjusted by 0.5 percent, effective the same date.
The year to date cumulative reduction in base rate of 100 bps will help in easing the borrowers’ burden and this is especially significant under the current challenging period brought about by the Covid-19 outbreak and the enforcement of the movement control order (MCO).
This coupled with the government’s fiscal stimulus and BNM’s financial relief measures will lend support to the economy, enabling the gradual recovery in economic activities.
Public Bank is always committed to providing the necessary financial assistance to its customers, particularly during this current period of the unprecedented Covid-19 outbreak.
