Alliance Bank Malaysia and Alliance Islamic Bank announced today that they will raise their Standardised Base Rate (SBR) by 25 basis points to 3.00% per annum to mirror the Overnight Policy Rate (OPR) effective 10 May 2023, following Bank Negara Malaysia’s (BNM) revision of the OPR on 3 May 2023 from 2.75% to 3.00%.
Correspondingly, Alliance Bank and Alliance Islamic Bank will raise their Base Rate (BR) by 25 basis points from 3.57% to 3.82% per annum while Base Lending Rate (BLR) and Base Financing Rate (BFR) will be revised from 6.42% to 6.67% per annum effective 10 May 2023, in line with the requirements of BNM’s Reference Rate Framework effective 1 August 2022.
Under this framework, the SBR will be used as the common reference rate for all financial institutions for their new retail floating-rate loans / financing and will be linked solely to the OPR. In tandem with the revision, Alliance Bank and Alliance Islamic Bank will also adjust their fixed deposit rates upwards on the same effective date.
