Agrobank Lowers Base Rate and Base Financing Rate After OPR Cut
KUALA LUMPUR – Agrobank today announced the latest financing rate with a reduction of the base rate (BR) to 3.6% and base financing rate (BFR) to 6.75%. The decision was made after the recent announcement from Bank Negara Malaysia (BNM) on Overnight Policy Rate (OPR) corresponding 25-basis points reduction from 3.25% to 3%.
According to Syed Alwi Mohamed Sultan, President / Chief Executive Officer of Agrobank, the Bank’s BR and BFR have been reduced by 25-basis points effective 16 May 2019. In addition, deposit rates are also adjusted downwards by 20-basis points for 12-month tenure and below and 15-basis points for tenure over the 12-month period, which are effective on the same date.
“As a Development Financial Institution (DFI) with a primary focus on agriculture sector, the rate in financing is expected to benefit agropreneurs to develop and grow their business while at the same time the revised profit rate for depositors is also taken care of.
“Agrobank believe that the revised rate will benefit the agropreneur and also help boost the growth of the Bank’s financing. Agrobank aims to grow its financing value to RM1.2 billion for the year 2019,” added Syed Alwi.