KUALA LUMPUR: OCBC Bank (Malaysia) Bhd will increase its base rate (BR) and base lending rate (BLR)/base financing rate (BFR) by 0.25 per cent effective from May 18, 2022.
This is in line with Bank Negara Malaysia's overnight policy rate (OPR) hike by 25 basis points from 1.75 per cent to 2 per cent.
OCBC Malaysia said all loans and financing rates based on BR, BLR and BFR would increase by the same rate.
It said all conventional fixed deposit and Islamic time deposit board rates would also be increased the same day.
"With this, the bank's BR increases from 2.58 per cent to 2.83 per cent, and its BLR/BFR from 5.51 per cent to 5.76 per cent," it said.
Commenting on the revision, chief executive officer Datuk Ong Eng Bin said the 0.25 per cent increase in the OPR signals the move of the central bank to buffer inflationary pressures.
"This will also help with the potential growing recovery of the economy in the country during this transition to an endemic phase," said Ong.