KUALA LUMPUR: Hong Leong Bank Bhd and Hong Leong Islamic Bank Bhd will be revising the base rate (BR) and Islamic base rate (IBR) to 2.88% from 2.63% following the latest increase in Bank Negara’s overnight policy rate (OPR) by 25 basis points.

       In a statement, the banking group said loans and financing based on the base lending rate (BLR) and Islamic Financing Rate (IFR) will be revised to 5.89% from 5.64%.

       These changes will be effective from May 17, 2022.

       Group managing director and chief executive officer Domenic Fuda said: “With economic activities steadily resuming in Malaysia, supported by the continuous recovery in global economic and trade activities, some adjustments to the degree of monetary accommodation would help to avoid risks of financial instability by balancing both the need to grow the economy and keeping a check on a rapidly rising inflation rate.

       “The revised rates are still competitive for investments and consumption in stimulating the Malaysian economy, particularly SME and Corporate borrowers who are looking to strengthen and expand their business.”