Image credit: The Malaysian Reserve

KUALA LUMPUR (March 9): Agrobank is reducing its Base Rate (BR) and Base Financing Rate (BFR) by 25 basis points (bps) with effect from March 12, 2020.

Agrobank covering president/chief executive officer Khadijah Iskandar said the bank’s BR and BFR will decrease to 3.10% and 6.25% respectively.

She said the bank will also adjust downwards its Fixed Return Islamic Accounts (FRIA-i) across all tenures.

"This is in response to the recent announcement made by Bank Negara Malaysia (BNM) on the overnight policy rate (OPR), which was cut by 25 bps from 2.75 per cent to 2.50 per cent," she said in a statement today.

She said this second OPR cut this year reflected the crucial need to support the Malaysian economy due to the ongoing COVID-19 outbreak that has weakened the global economic conditions.

“Agrobank remains committed to helping our agropreneurs navigate through this challenging period by providing holistic financial solutions and services beyond banking to various segments of the agriculture community including micro and small and medium enterprises (SME) businesses,” she added.