More domestic banks increase lending rates

KUALA LUMPUR: More domestic banks are increasing their rates following the 25 basis points (bps) hike in the Overnight Policy Rate (OPR) announced by Bank Negara Malaysia (BNM).

The banks are revising their standardised base rate (SBR), base rate (BR) and base lending/financing rate (BLR/BFR) following the announcement upwards.

Affin Bank Bhd's units, Affin Islamic Bank Bhd and Affin Hwang Investment Bank Bhd, will revise their loan or financing reference rates upward by 25 basis points (bps) effective November 7.

In line with the revision, Affin Bank's fixed deposit and Affin Islamic's term deposit-i board rates will also be adjusted upwards from November 7.

Hong Leong Bank Bhd and Hong Leong Islamic Bank Bhd will also revise its SBR to 2.75 per cent, while BR and Islamic base rate (IBR) will be revised to 3.63 per cent from 3.38 per cent.

The BLR and Islamic financing rate (IFR) will be revised to 6.64 per cent from 6.39 per cent. The changes will take effect on November 8.

Along the same line, CIMB Bank Bhd and CIMB Islamic Bank Bhd will raise their SBR, BR and fixed deposit/fixed return income account-i board rates by 25bps.

Similarly, all the bank's financing facilities based on the BLR and BFR will be increased by 0.25 per cent.

All rate changes will take effect on November 8, 2022.

Bank Negara Monetary Policy Committee raised the OPR by another 25 bps to 2.75 per cent on Thursday (November 3).

This brings the latest benchmark interest rate inching closer to the pre-pandemic level of 3 per cent, which was last seen on November 5, 2019.