As stipulated in the Reference Rate Framework issued by Bank Negara Malaysia, all banks must revise their Base Rates (BR) and Base Lending Rates (BLR) to reflect changes to the benchmark cost of funds due to changes in the Overnight Policy Rate (OPR). The quantum of change will reflect the change in benchmark cost of funds of the respective banks.
Most retail-based banks revised their BR and BLR within seven working days after the announcement of the new OPR. Going forward, all banks will be required to do so within seven working days. In addition, all banks must notify Bank Negara Malaysia at least one working day prior to the effective date of the revised BR.
Strategic Communications Department
Bank Negara Malaysia