KUALA LUMPUR, May 5 — Alliance Bank Malaysia Bhd and Alliance Islamic Bank Bhd will raise their standardised base rate (SBR) by 25 basis points to 3.00 per cent per annum to mirror the overnight policy rate (OPR) effective May 10, 2023, following Bank Negara Malaysia’s OPR revision to 3.00 per cent on May 3, 2023, from 2.75 per cent.
Correspondingly, Alliance Bank and Alliance Islamic Bank will raise their base rate by 25 basis points to 3.82 per cent per annum from 3.57 per cent, a statement from the bank said.
The base lending rate and base financing rate will be revised to 6.67 per cent per annum from 6.42 per annum effective May 10, 2023, in line with the requirements of BNM’s reference rate framework effective Aug 1, 2022.
“Under this framework, the SBR will be used as the common reference rate for all financial institutions for their new retail floating-rate loans/financing and will be linked solely to the OPR,” it said.
In tandem with the revision, Alliance Bank and Alliance Islamic Bank will also adjust their fixed deposit rates upwards on the same effective date.
— Bernama
