Tuesday, November 25, 2008

OPR cuts 0.25%

It means that i am going to pay less for interest of my housing loan, but also means that my FD interest also drop.

From The Star:

PETALING JAYA: Bank Negara has cut its benchmark Overnight Policy Rate (OPR) by 25 basis points to 3.25% from 3.50%, and signalled it was ready to cut the rate further.

This was the first rate cut in over five years. The move, which can be considered well-timed as the economy slows, will result in a lower cost of funds for banks. This, in turn, brings down the cost of borrowing for consumers.

To inject more liquidity into the banking system, Bank Negara also cut the statutory reserve requirement (SRR) for banking institutions for the first time in a decade - from 4% to 3.5% - effective Dec 1.
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For Bank Negara reports click here

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