KUCHING, Nov 4: Hong Leong Bank and Hong Leong Islamic Bank will revise its standardised base rate (SBR) by 2.75 per cent effective Nov 8.
Meanwhile, the Bank’s base rate (BR) and Islamic base rate (IBR) will be revised from 3.38 per cent to 3.63 per cent.
Similarly, loans and financing based on the base lending rate (BLR) and Islamic financing rate (IFR) will be revised from 6.39 per cent to 6.64 per cent.
The Bank announced this in a statement today following the latest revision in Bank Negara Malaysia’s (BNM) overnight policy rate (OPR) by 25 basis points (bps) effective yesterday (Nov 3).
This is the fourth consecutive OPR hike since BNM started raising rates by 25bps in May this year, followed by another 25bps in July and September, respectively.
The increases have translated to a year-to-date increase of 100bps which brought the ceiling and floor rates of the OPR’s corridor to 3 per cent and 2.5 per cent respectively. — DayakDaily
