February 26, 2009

Maybank reduced BLR to 5.55%

I was wrong, and I'm glad I was wrong on this case. My previous post mentioned that the BLR for most commercial banks in Malaysia will most likely to be reduced to 5.65 - 5.7%. Yesterday, Maybank started the ball rolling by reducing their BLR rate to 5.55%. It wasn't the same margin of 0.5% reduction of OPR as announced by Bank Negara, but at least it's much better than my guesstimates.

I would expect most major commercial banks in Malaysia will follow this Maybank taikor, except those smaller banks that might want to squeeze a bit more reduction to 5.5%, based on past BLR reduction precedence.

So, for those who wants to refinance, DO IT NOW!!! Those attrative refinancing rates of up to BLR - 2.4% are NOT going to last forever, since the BLR is at the historical low level now.

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