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KUALA LUMPUR: CIMB Bank Bhd and CIMB Islamic Bank Bhd will be increasing their Base Rate and and Fixed Deposit / Fixed Return Income Account-i Board Rates by 0.25 per cent, following Bank Negara Malaysia’s (BNM) announcement of a hike in the overnight policy rate (OPR) yesterday.

BNM has increased the OPR by 25 basis points (bps) to 2.25 per cent during its fourth Monetary Policy Committee meeting for the year.

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"Correspondingly, CIMB Bank and CIMB Islamic will implement a 25 bps increase in their Base Rate and Fixed Deposit / Fixed Return Income Account-i Board Rates.

"Similarly, all financing facilities based on the Base Lending Rate (BLR) and Base Financing Rate (BFR) will be increased by 0.25 per cent," it said in a statement today.

All rate changes will take effect starting July 13, 2022. - Bernama