{"id":25212,"date":"2020-07-07T16:08:02","date_gmt":"2020-07-07T08:08:02","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=25212"},"modified":"2020-07-13T09:33:37","modified_gmt":"2020-07-13T01:33:37","slug":"opr-cut-by-0-25-how-will-it-affect-you","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/opr-cut-by-0-25-how-will-it-affect-you","title":{"rendered":"OPR Cut By 0.25%: How Will It Affect You?"},"content":{"rendered":"<p>Bank Negara Malaysia (BNM) announced another reduction of the overnight policy rate (OPR) by 25 basis points to 1.75% on July 7, 2020.<\/p>\n<p>This is the fourth time the OPR has been decreased this year, pushing it to a record low.<\/p>\n<p><iframe id=\"datawrapper-chart-LqoMa\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Historical Overnight Policy Rates In Malaysia\" src=\"https:\/\/datawrapper.dwcdn.net\/LqoMa\/2\/\" height=\"400\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"])for(var e in a.data[\"datawrapper-height\"]){var t=document.getElementById(\"datawrapper-chart-\"+e)||document.querySelector(\"iframe[src*='\"+e+\"']\");t&&(t.style.height=a.data[\"datawrapper-height\"][e]+\"px\")}}))}();\n<\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What-is-OPR\"><\/span><strong>What is OPR?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The OPR is the interest rate at which a bank lends to another bank, which is set by BNM. This rate has an effect on the country\u2019s employment, economic growth and inflation. It is an indicator of the health of a country\u2019s overall economy and banking system.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why-did-BNM-reduce-the-OPR\"><\/span><strong>Why did BNM reduce the OPR?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The OPR was reduced to help the economy recover from the impact of the COVID-19 pandemic.<\/p>\n<p>\u201cThe impact of COVID-19 on the global economy is severe. Global economic conditions remain weak with global growth projected to be negative for the year,\u201d said BNM in a <a href=\"https:\/\/www.bnm.gov.my\/index.php?ch=en_press&amp;pg=en_press&amp;ac=5078&amp;lang=en\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">statement<\/a> released today.<\/p>\n<p>\u201cSeveral major economies have begun relaxing measures to contain the COVID-19 pandemic, leading to the gradual resumption of economic activity,\u201d said BNM, noting that financial conditions have improved. \u201cThe fiscal stimulus packages, alongside monetary and financial measures, will continue to underpin the improving economic outlook.\u201d<\/p>\n<p>However, the pace of economic recovery is subject to a few factors, including the possibility of further outbreaks of the pandemic, poor labour market conditions and global growth conditions.<\/p>\n<p>\u201cAverage headline inflation is likely to be negative this year, primarily reflecting the substantially lower global oil prices,\u201d added BNM.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How-does-it-affect-you\"><\/span><strong>How does it affect you?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>So, what does this mean to Malaysians?<\/p>\n<p>With the 25 basis point reduction in borrowing rates, consumers will be able to see a hike in their disposable income due to the reduction in interest payments. Consumers will have more cash on hand to spend, which will likely spur the domestic economy.<\/p>\n<p><strong>1. Lower loan interest rates<\/strong><\/p>\n<p>Any changes in the OPR will impact loans that use the <a href=\"https:\/\/www.imoney.my\/articles\/all-about-that-base-how-does-base-rate-work\" target=\"_blank\" rel=\"noopener noreferrer\">Base Rate (BR)<\/a> or the Base Financing Rate (BFR) to determine the interest rate by which it will lend to consumers.<\/p>\n<p>If the OPR reduces by 0.25%, and banks decide to stick to their current profit margins, then your loan\u2019s BR will also reduce by 0.25%. This will lower your loan\u2019s interest rate.<\/p>\n<p>For example, if your mortgage loan is pegged to the BR, and OPR reduction will lead to a lower mortgage interest rate, which means that you\u2019ll be paying lower monthly repayments. Here\u2019s an example of how this works:<\/p>\n\n<table id=\"tablepress-491\" class=\"tablepress tablepress-id-491 table-subhead-side tbody-has-connected-cells\">\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-1\">\n\t<td class=\"column-1\">Loan amount<\/td><td colspan=\"2\" class=\"column-2\"><center>RM500,000<\/td>\n<\/tr>\n<tr class=\"row-2\">\n\t<td class=\"column-1\">Loan tenure<\/td><td colspan=\"2\" class=\"column-2\"><center>30 years<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\"><\/td><td class=\"column-2\"><center>BR: 2.80%<\/td><td class=\"column-3\"><center>BR: 2.80% - 0.25%<br \/>\n= 2.55%<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Home loan interest rate<\/td><td class=\"column-2\"><center>3.60%<br \/>\n(2.80% + 0.8%)<\/td><td class=\"column-3\"><center>3.35%<br \/>\n(2.55% + 0.8%)<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">Monthly repayment<\/td><td class=\"column-2\"><center>RM2,273<\/td><td class=\"column-3\"><center>RM2,204<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">Total interest paid over 30 years<\/td><td class=\"column-2\"><center>RM318,362<\/td><td class=\"column-3\"><center>RM293,284<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-491 from cache -->\n<p>Based on the example above, the 0.25% reduction will result in RM25,078 savings over a 30-year loan tenure. Borrowers will be able to see about RM69 reduction in their monthly repayment based on the example above. This means paying around 8% less in interest payments over the loan tenure.<\/p>\n<p><strong>2. Lower returns for savings accounts and fixed deposits<\/strong><\/p>\n<p>Though an OPR reduction is good news for those taking out property loans, savers looking for more returns on their savings accounts and fixed deposits will be disappointed. The interest rates for these savings instruments will be reduced in tandem with the OPR cut.<\/p>\n<p>But this won\u2019t affect any fixed deposits that you have placed prior to the bank\u2019s revision of fixed deposit rates.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How-does-it-affect-the-country\"><\/span><strong>How does it affect the country?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>While consumers may welcome cheaper borrowing costs, this means lower profit margins for banks. The current OPR cut may affect banking stocks in the short-term.<\/p>\n<p>Nevertheless, the OPR cut could be a positive move for the economy.<\/p>\n<p>\u201cA rate cut should provide a positive impetus to private consumption which is the anchor for growth and investment with exports complementing in 2020,\u201d said AmBank chief economist and head of research, Dr Anthony Dass, <a href=\"https:\/\/www.theedgemarkets.com\/article\/opr-cut-nineyear-low\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">during the start of the year<\/a>.<\/p>\n<p>Businesses may fare better thanks to the rate cut, as there will be lower borrowing costs and increased domestic spending.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Consumers will enjoy lower mortgage interest rates \u2013 but also lower fixed deposit rates. <\/p>\n","protected":false},"author":9,"featured_media":19012,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[271,229,216],"tags":[],"class_list":["post-25212","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-interest-rate","category-news-updates"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What Does The OPR Cut In 2020 Mean For Malaysians?<\/title>\n<meta name=\"description\" content=\"Bank Negara Malaysia recently announced the reduction of the Overnight Policy Rate (OPR) by 25 basis points. 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