Agrobank announces 50bps rate adjustment after OPR cut

Agrobank has announced its latest financing rate by reducing the Base Rate (BR) to 2.60 percent and Base Financing Rate (BFR) to 5.75 percent. In line with the recent revision, Agrobank will also adjust downwards its Fixed Return Islamic Accounts (FRIA-i) across all tenures.

This comes after the recent announcement made by Bank Negara Malaysia (BNM) on Overnight Policy Rate (OPR) which was cut by 50-basis points from 2.50 percent to 2.00 percent, marked its third OPR cut of the year.

According to Khadijah Iskandar, chief executive officer of Agrobank, the Bank’s revised BR and BFR as well as FRIA-i profit rates will be effective on May 13.

“This third OPR cut for 2020 reflects the crucial need to support the Malaysian economy due to the ongoing Covid-19 outbreak that has weakened the global economic conditions in the recent period. This revision is essential to ensure that the domestic economy can continue on a steady growth path,” said Khadijah.

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

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