KUALA LUMPUR (Jan 23): Public Bank Bhd has announced a reduction in its base rate and base lending rate or base financing rate by 0.25%, effective Jan 28, 2020.
At the same time, Public Bank said in its press statement today that its fixed deposit rates will also be correspondingly adjusted by 0.25%, effective on the same date.
This is in line with Bank Negara Malaysia (BNM) Monetary Policy Committee’s (MPC) overnight policy rate cut of 25 basis points to 2.75% from 3% yesterday, in a pre-emptive measure to secure the nation's improving economic growth trajectory amid price stability.
“Given the current challenging operating environment, Public Bank’s base rate reduction is timely to ease the burden of the borrowers and help stimulate the nation’s economic growth.
“Public Bank will continue to proactively manage its assets and liabilities to ensure interest rates are priced responsibly at all times for the benefit of its customers,” it added.