Bank Negara Cuts OPR Again
For those who missed it, Bank Negara reduced the overnight policy rate (OPR) by 75 basis points to 2.5%, its single largest cut since the OPR was introduced in April 2004, outlining its growing concern on economic growth.
The ceiling and floor rates of the corridor for the OPR were correspondingly reduced to 2.75% and 2.25% respectively while the statutory reserve requirement (SRR) was also reduced from 3.5% to 2%, effective Feb 1, which was yesterday.
It would also means banks are paying less on the interest rates for fixed deposits (most banks are offering 2.7% for 12 months now), while offering lower base lending rate (BLR) on loans. Frankly lots of people we know have stopped seeing FDs as any sort of viable investment when the interest rate was up at 3.7%, more so now.
a little bit too late to have this news into your blog. perhaps you can inform the readers the current BLR for all the banks after the OPR cut.
Comment by tkc — February 2, 2009 @ 6:41 pm
yes, I agree. Please post some useful information regarding the housing loan package which is offer by all the banks now.
Comment by seeka — February 3, 2009 @ 6:41 pm
Maybank, CIMB and Standard Chartered all revised BLR to 5.95% from 6.50%
Comment by tkc — February 3, 2009 @ 7:12 pm
it’s a pretty good news for everyone, but with the drop of BLR i believe there will be less fire sales in second-hand properties, which are what property investors will be looking for in 2009.
Comment by livingmonolith — February 4, 2009 @ 12:41 pm
Just a right time for me!. At least i could save some money for my upcoming new properties. Still yet decided Regalia or Axis..
Comment by Siong — February 4, 2009 @ 11:37 pm
what is the best bank for housing loan?
Comment by phal s. — February 10, 2009 @ 10:03 pm
any website to view all BLRs?
Comment by Door Access Malaysia — February 15, 2009 @ 8:14 am
Some banks are already giving -2% plus BLR.
Comment by Property Malaysia — February 15, 2009 @ 8:37 am