KUALA LUMPUR, March 9 (Bernama) -- Agrobank today announced its latest financing rate by reducing the Base Rate (BR) to 3.10% and Base Financing Rate (BFR) to 6.25%. In line with the revision, Agrobank will also adjust downwards its Fixed Return Islamic Accounts (FRIA-i) across all tenures.
 
This is in response to the recent announcement made by Bank Negara Malaysia (BNM) on Overnight Policy Rate (OPR) which was cut by 25-basis points from 2.75% to 2.50%.
 
According to Khadijah Iskandar, Covering Duties of President / Chief Executive Officer of Agrobank, the Bank’s revised BR and BFR as well as FRIA-i profit rates will be effective on 12 March 2020.
 
“This second 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,” 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. 

ABOUT AGROBANK
 
Agrobank was established in 1969 with a mandate to support the growth of agriculture sector in Malaysia. Agrobank is a Government-owned bank under the purview of the Minister of Finance Incorporated. Agrobank financing of the agricultural sector is driven by a policy set forth by the Ministry of Agriculture and Agro-Based Industry (MOA).
 
As a DFI (Development Financial Institution) that focuses on strengthening the agriculture sector in Malaysia, Agrobank aims to balance its developmental and commercial roles to benefit the agriculture sector. Agrobank provides a comprehensive financing solution for agriculture; that includes upstream activities such as the supply of agricultural production inputs to downstream activities such as processing and selling of agricultural products to consumers
 
With 50 years of experience, Agrobank is actively shaping the country’s agricultural development across eight regions it operates, via 192 branches; offering products and services in the areas of corporate, commercial and micro financing as well as trade finance, personal financing, electronic banking and deposit & services. Agrobank is a full-fledged Islamic bank.

* VBI or value-based intermediation is an initiative by Bank Negara Malaysia (BNM) which aims to improve the products and services offered by Islamic financial institutions towards a better facilitation of entrepreneurship, community well-being, sustainable environment and economic growth, without compromising on shareholders’ returns

Produced by Strategic Communication Department Agrobank

SOURCE: Agrobank

FOR MORE INFORMATION, PLEASE CONTACT: 
Name: Ainul Rofidza Ibrahim
Head of Strategic Communications Department,
Agrobank
Tel: 03-2731 1600 (ext 2624) / +6019-2258210
Email: ainul.ibrahim@agrobank.com.my
 
Name: Shahreen Rahim
Section Head of Public Relations,
Strategic Communications Department,
Agrobank
Tel: 03-2731 1600 (ext 1660) / +6012 943 6217
Email: shahreen.rahim@agrobank.com.my 

--BERNAMA