Banking Industry Welcomes Cut In OPR And Statutory Reserve Requirement

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Banking Industry Welcomes Cut In OPR And Statutory Reserve Requirement

Kuala Lumpur, 25 November 2008 – The Association of Banks in Malaysia welcomes the move made by Bank Negara Malaysia to cut its benchmark Overnight Policy Rate by 25 basis point to 3.25% from 3.50%. The move is a positive one as this will lead to lower cost of funds for banks which in turn brings down the cost of borrowing for consumers.

In addition, the Association’s Chairman, Dato’ Sri Abdul Hamidy Abdul Hafiz said, “Bank Negara Malaysia’s move to cut the statutory reserve requirement for banking institutions from 4% to 3.5% effective 1 December 2008 will also inject greater liquidity into the banking system, lower cost of funds and promote lending activities as the move will effectively increase the lending capacity of the banks.”

The Association will continue to actively engage in discussions with business associations, chambers of commerce and members of the public to increase awareness on access to and management of financial products and services.

Updated List of Chargees for Executing Form 42B