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KUALA LUMPUR: Hong Leong Bank and Hong Leong Islamic Bank will be revising the base rate (BR) and Islamic base rate (IBR) to 3.13% from 2.88% following the latest increase in Bank Negara’s overnight policy rate (OPR) by 25 basis points.

Similarly, the bank said loans and financing based on the base lending rate (BLR) and Islamic financing rate (IFR) will be revised to 6.14% from 5.89%.

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These changes will take effect on July 12.

“As the domestic economy continues to recover and stabilise, the adjustment in monetary policy is required to help maintain a sustainable growth whilst balancing it with price stability.

“The revised rates are still business-friendly for our SME and corporate borrowers who are looking to strengthen and expand their business,” group managing director and chief executive officer Domenic Fuda said in a statement.