Hong Leong Raises BLR To 5.8 Pct

Hong Leong Bank Bhd and Hong Leong Islamic Bank Bhd will raise their base lending rate (BLR) and Islamic financing rate (IFR) to 5.8 per cent from 5.5 per cent effective this March 10.

Its group managing director, Datuk Yvonne Chia today said the change supports Bank Negara Malaysia's decision to increase the overnight policy rate (OPR) by 25 basis points.

In a statement here, she said the bank would also continue to work closely with its customers to address all their financing needs.

Last Thursday, the central bank said the decision to raise the key interest rate was made amid an improved economic outlook.

Following its Monetary Policy Committee (MPC) meeting, Bank Negara added that the adjustment to the OPR was towards normalising monetary conditions and preventing the risk of financial imbalances that could undermine the economic recovery process.